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 ⦁ Create a Mathematical Model that represents the aforementioned information to calculate the annual income tax of each slab. ⦁ How much annual income tax you will have to pay if your monthly taxable income is TRY. 25,000.
Answers
Answer:
up to TRY 22,000 - 15%
over TRY 22,000 up to 49,000 - 20%
over TRY 49,000 up to 180,000 - 27%
over TRY 180,000 up to 600,000 - 35%
over TRY 600,000 - 40%
For other non-employment income, the number of brackets and rates are the same, but the 35% bracket threshold is TRY 120,000 as follows:
up to TRY 22,000 - 15%
over TRY 22,000 up to 49,000 - 20%
over TRY 49,000 - up to 120,000 - 27%
over TRY 120,000 up to 600,000 - 35%
over TRY 600,000 - 40%
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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