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.
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Answers
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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