tax computation

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July 3, 2016 at 1:45 pm #324630
subcream1
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hello sir , please confirm

if
non -savings = $4000.00
savings =$71000.00
dividends = 100000

tax compuation
non savings
( 4000* 20%) = $800
savings
1000* 0% =0
(31785-5000) *20%= 5257
is it
(71000-31785* 40%= 15686

just in need with that help
thank u so much
July 5, 2016 at 5:53 pm #324744
Tax Tutor
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No the remaining amount of the savings income to be taxed within the higher rate band is computed as 71,000 – 27,785 (1,000 (taxed at zero %) + 26,785 (taxed at 20%))
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