Question

In 2012, Mr. Goh earned a gross annual income of $185 000, the amount that will not be subjected to income tax is shown in the following table. Given that he lives with 1 child and 2 parents, and that for the remaining income that will be taxed, the gross payable for the first $120 000 is $7950 and the tax rate for the rest is 15%, find his income tax payable. *
put solution pls

Answer 1

Answer:

7950+4410=12360

Step-by-step explanation:

non taxable

3000+4000*1+5000*2+18600=35600

taxable income 185000-35600=149400

tax payable

7950+(149400-120000)*15%

Answer 2

Given :  In 2012, Mr. Goh earned a gross annual income of $185 000,

the amount that will not be subjected to income tax is shown in the attached table.

he lives with 1 child and 2 parents,  

the remaining income that will be taxed,

the gross payable for the first $120 000 is $7950  

the tax rate for the rest is 15%,

To find  : his income tax payable.  

Solution:

gross annual income =  $185 000

1 child  => child relief  = 4000 $

2 parents => parents  relief  = 2 *5000 = 10000 $

personal relief = 3000 $

CPF contribution =  $18600

Hence non taxable income = 4000 + 10000 + 3000 + 18600

= 35600 $

Net Taxable income = 185000 - 35600

= 149400  $

tax  for  first $120 000 is $7950

Tax form remaining 149400 - 120000   = 29400  $ at 15 %

= ( 15/100) 29400

= 4410$

income tax payable. = 7950  + 4410

= 12360  $

his income tax payable = 12360  $

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