BUISENESS MANAGEMENT
TAXES
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Chargeable income is calculated by:
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Annual income-Total allowable relief
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Monthly income-Total allowable relief
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Annual Income-Tax amount
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Annual income + Total allowable relief
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Explanation:
Detailed explanation-1: -Now that you have your total annual income, you need to find out what your chargeable income is. Chargeable income, also known as taxable income, is your total annual income minus all the tax exemptions and tax reliefs you are entitled to.
Detailed explanation-2: -(i) Salaries. (ii) Interest on securities. [(iii) Income from property. (iv) Profits and gains of business, profession or vocation. (v) Income from other sources.]
Detailed explanation-3: -Allowable deductions include mortgage interest payments, repairs to the property, insurance, letting agency fees and 10 per cent of your total rental income to cover depreciation.
There is 1 question to complete.