Turkey's Revenue Administration has announced the publication of General Communiqué No. 310 in the Official Gazette on 30 December 2019, which includes updated individual income tax brackets based on a revaluation rate. For employment income, the tax brackets and rates are as follows: Taxable Income (in TRY) Tax Rate 22000 15% 22,000 – 49,000 20% 49,000 - 180,000 27% 180,000 - 600,000 35% Over 600,000 40% Table 1 a) Create a Mathematical Model that represents the aforementioned information to calculate the annual income tax of each slab. b) How much annual income tax you will have to pay if your monthly taxable income is TRY. 25,000.
Answers
Given : Turkey's Revenue Administration has announced the publication of General Communiqué No. 310 in the Official Gazette on 30 December 2019, which includes updated individual income tax brackets based on a revaluation rate.
Taxable Income (in TRY) Tax Rate 22000 15% 22,000 – 49,000 20% 49,000 - 180,000 27% 180,000 - 600,000 35% Over 600,000 40%
To Find : Create a Mathematical Model that represents the aforementioned information
How much annual income tax you will have to pay if your monthly taxable income is TRY. 25,000.
Solution:
Let say Income is N
Income Tax
0 < N ≤ 22000 (15/100)N = 0.15N
22000 < N ≤ 49000 0.15*22000 + (20/100)(N-22000) = 0.2N -1100
49000 < N ≤ 180000 0.2*49000 -1100 + (27/100)(N-49000) = 0.27N -4530
180000 < N ≤ 600000 0.27*180000 -4530 + (35/100)(N-180000) = 0.35N -18930
600000 < N 0.35*600000 --18930 + (40/100)(N-600000) = 0.4N-48930
Income Tax
0 < N ≤ 22000 0.15N
22000 < N ≤ 49000 0.2N -1100
49000 < N ≤ 180000 0.27N -4530
180000 < N ≤ 600000 0.35N -18930
600000 < N 0.4N- 48930
monthly taxable income is TRY. 25,000.
=> 22000 < N ≤ 49000 0.2N -1100
=> 0.2*25000 - 1100 = 3900
annual income tax = TRY 3900
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