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Published byJared Haynes Modified over 9 years ago
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INCOME TAX Objective; Calculate income tax on individual incomes
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Types of taxes Value added tax Excise duty Import duty Withholding tax Capital gains tax Income tax
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Types of incomes Salary Allowances Profit from business Rental income Pensions
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Rates of tax Annual IncomeRate in each shilling On the first Shs.121,96810% On the next Shs.114,91215% On the next Shs.114,91220% On the next Shs.114,91225% On all income over Shs.466,70430%
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Rates of tax Monthly IncomeRate in each shilling On the first Shs.10,16410% On the next Shs.9,57615% On the next Shs.9,57620% On the next Shs.9,57625% On all income over Shs.38,89230%
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Tax calculation Ex 1; calculate the tax due from james if he has an annual income of Ksh 584,000 584, 000 = 121,968 + 114,912 + 114,942 + 114,942 + 117,296 121968 * 10% = 12196.8 114912 * 15% = 17236.8 114912 * 20% = 22982.4 114912 * 25% = 28728.0 117296 * 30% = 35188.8 = 116,332.8
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Activity Break down the following annual incomes into appropriate tax bands and calculate the tax due. 1. Ksh 78,560 2. Ksh 286,800 3. Ksh 685,400 4. Ksh 358,200
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