Use
the Tax Calculation
Worksheet below
to calculate the
tax on your chargeable
income. For ease
of reference we
have provided you
with three examples.
Total Allowances
& Deductions
Add Line 120 through
Line 124 and enter
the total on Line
125.
Chargeable
Income
Subtract Line 125
from Line 113 and
enter difference
on Line 126. If
the amount on Line
125 exceeds the
amount on Line 113
enter zero ( 0 )
on Line 126.
Use
the Tax Calculation
Worksheet below
to calculate the
tax on your chargeable
income . For ease
of reference we
have provided you
with four examples.
If
your Chargeable
Income on
Line 126 is |
On
the first
(Line B) |
Tax
is (Line B1) |
On
the remaining
amount (Line
C) |
| From
$0 to $10,000 |
0 |
0
|
10%
|
| From
$10,001 to $20,000 |
10,000 |
1,000 |
15% |
| From $20,001
to $30,000 |
20,000 |
2,500 |
20% |
| More
than $30,000 |
30,000
|
4,500 |
30% |
Chargeable income
from Line 126 A_________
On the first B_________
tax is B1 _____
On the remaining
amount (A minus
B) C_________ tax
at __% is C1_____
The
total of B1 and
C1 is your tax on
chargeable income,
enter on Line 127
of your return.
Example
1
If your chargeable
income is $9,000
or less, do the
following calculation:
LINE A : $11,000
LINE B : 0
LINE B1 : 0
LINE C : $11,000
Tax at : 10%
LINE C1 : $1,100
Enter amount on
Line 127
Example
2
If your chargeable
income is $18,500,
do the following
calculation:
LINE A : 18,500
LINE B : 12,000
LINE B1 : 1,000
LINE C : 6,500
Tax at : 15%
LINE C1 : 975.00
Total
tax on chargeable
income Line B1 plus
Line C1 = 1000 +
975 = 1975
Enter amount on
Line 127
Example
3
If your chargeable
income is $25,000,
then do the following
calculation:
LINE A : 25,000
LINE B : 20,000
LINE B1 : 2500
LINE C : Subtract
LINE B from LINE
A = 5000
Tax at : 20%
LINE C1 : 1000
Total
tax on chargeable
income LINE B1 plus
LINE C1 = 2500 +
1000 = 3500
Enter amount on
Line 127
Example
4.
If your chargeable
income is $54,000,
do the following
calculation:
LINE A : 54,000
LINE B : 30,000
LINE B1 : 4,500
LINE C : Subtract
LINE B from LINE
A= 24,000
Tax at : 30%
LINE C1 : 7,200
Total
tax on chargeable
income LINE B1 plus
LINE C1 = 4,500
+ 7,200 = 11,700
Enter amount on
Line 127
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