In this question the income tax calculated how was it found? what is the transactions? help please Example: The taxpayer Mr. (E) residing in Istanbul andkeeping a book on a balance sheet basis makes purchases andsales bijouterie. Due to this activity, taxpayer (D) made aprofit of 200.000 TL in 2021 calendar year, paid 20.000 TLSocial Security (Official Turkish şynonim. Bağ-Kur) premiumand 25.500 TL advance (prepaid) tax. The taxpayer also paid30.000 TL personal insurance premium on behalf of his wife.Tax bases and tax rates for other than wages and salaries stated inArticle 103 of the PITL are as follows:For Tax Rates please look the Slide :20• Up to 24,000 TRY15%Calculate and discuss Mr E's personal income tax liabilities.3.600 TRY for 24,000 TRY of 53.000 TRY, for more20%Taxpayer's Mr. E declaration Will be as Follows:9.400 TRY for 53.000 TRY of 130.000 TRY, for more27%Commercial Earnings 200.000 TL• 30.190 TRY for 130.000 TRY of 650,000 TRY, for more35%Social Security (Bağ-Kur Premium) 20.000 TLNet Commercial Earnings (200.000 TL - 20.000 TL) 180.000 TL• 212.190 TRY for 650,000 TRY of more than 650,000 TRY,Deductible Personal Insurance Premium 27.000 TL***for more40%Taxable Income 180.000 TL - 27.000 TL) 153.000 TLCalculated Income Tax 38.240 TLTax Credit (Prepaid Tax) : 25.500 TLIncome Tax Payable (38.240 TL - 25.500 TL) 12.740 TLStamp tax payable 92.20 TL*** The taxpayer made commercial earnings of 200.000 TL in 2021 calendaryear. The amount to be deducted in relation to the paid insurance premium doesnot exceed the annual gross amount of the 2021 calendar year minimum wage(33.910.8 TL). On the other hand the amount of the person to be subject todeduction (200.000-20.000 = 180.000 x 15%) will be 27.000 TL.

As per the information given in the question, The taxable income is 153.000 TL

Answered: In this question the income tax…

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In this question the income tax calculated how was it found? what is the transactions? help please

SWFT Essntl Tax Individ/Bus Entities 2020

23rd Edition

ISBN:9780357391266

Author:Nellen

Publisher:Nellen

Chapter16: Multijurisdictional Taxation

Section: Chapter Questions

Problem 17P

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