Mr. Kasem work as manager for a company with monthly salary 7500 NIS and have bonus addition career 1500 and bonus addition high cost of living 400 and.

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Presentation transcript:

Mr. Kasem work as manager for a company with monthly salary 7500 NIS and have bonus addition career 1500 and bonus addition high cost of living 400 and bonus addition for travel 550 Required: calculate the income tax if you know that he is married and have 4 sons. three of them study via Islamic university and he lives in a rent house 800 NIS monthly. the exchange rate for dollar 4.2 NIS

Mr. Majed works in the bank of Palestine with monthly base salary 360$ and bonus addition high cost of living amounted 75% of base salary. and bonus addition for cash risk 100$ monthly, he is cashier. If you know that his contribution of saving box with 10% of base salary. And social security contribution (pension) 40$. Mr. Majed gets 15 salaries yearly (banking system) Required: calculate the income tax in case 1- single. 2- (married + 4) and additional income from part time work 200$ paid monthly.

Case: Dr. Yahia works in his own private clinic and you have the following information on The total gross income = NIS And paid the following expenses: -Electricity bills 1800 NIS annually. -Water bills 600 NIS annually. -Phone bills 2160 NIS annually 70% accepted -In January 2007 bought Computerized Tomography (CT) equipment amounted 10000$ and the depreciation rate is 7% annually. -Dr Yahia gets salary for managing 3500 NIS -Mrs. Om Naser work as a nurse with monthly salary 1700 NIS -Dr. Yahia married with Dr. Sozan and she works at UNRWA -They have three sons, Ahmed student in the 6 th class and Amjad student via Islamic university with full scholarship, and Rana married and lives with here husband. -Dr. Yahia lives with his father and he has pension from Palestinian army. -They live in a rent house 170$ monthly paid by Dr. Yahia If you know that Dr. Yahia has no income except 200$ monthly salary from (USAID) paid for his medical consulting. Required: calculate the following:1- total gross income.2- taxable income. 3- The deductions and exemptions.4- the accrued value of tax annually and monthly. The exchange rate for dollar 4 NIS.

How is the income tax collected by the government? Consider the cases of employee and self-employed tax payer. Who is responsible for collecting VAT and who actually pays the tax? Is your answer the same for customs? What is the purpose of deduction? What is the purpose of exemption? Why tax of gifts is not applied in the Palestine tax law? Explain why the tax officer don’t like the taxpayer go to the court? Explain the resources of income tax law history view. How is gross income different from taxable income? What is the basic test that an expense permitted to be deductible? What is the tax credit?

What is a tax credit different from a tax deduction? What is included in the 30-day letter, and what option does the tax payers have after receiving one? How is calculation of the taxable income for individual and partners different from the calculations of corporation's taxable income? What is the purpose of standard deductions for individuals? Why is the pay-as-you-go concept important to the successful operation of the income tax system? What are the two accounting methods used by the taxpayer? which is better ? What is the effect of capital recovery concept on income recognition for trading business and fixed assets ? The legislative grace concept is both an income concept and deduction concept. Explain.