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  • Tax calculations for Ann, Basil and Chloe

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    Anas Khalil
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    The document contains income tax computations for Ann, Basil, and Chloe for the 2017/18 tax year. Ann earned $38,000 in salary and had a taxable income of $26,500, resulting in $5,300 in taxes. Basil earned $152,000 in salary and had a taxable income of $146,500, resulting in $43,900 in taxes. Chloe had $23,900 in property income and a taxable income of $12,400, resulting in $2,480 in taxes.

    Original Description:

    ACCA - F6 Taxation

    Original Title

    Ann, Basil and Chloe - Answer

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    The document contains income tax computations for Ann, Basil, and Chloe for the 2017/18 tax year. Ann earned $38,000 in salary and had a taxable income of $26,500, resulting in $5,300 in taxes. Basil earned $152,000 in salary and had a taxable income of $146,500, resulting in $43,900 in taxes. Chloe had $23,900 in property income and a taxable income of $12,400, resulting in $2,480 in taxes.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    35 views3 pages

    Tax calculations for Ann, Basil and Chloe

    Uploaded by

    Anas Khalil
    The document contains income tax computations for Ann, Basil, and Chloe for the 2017/18 tax year. Ann earned $38,000 in salary and had a taxable income of $26,500, resulting in $5,300 in taxes. Basil earned $152,000 in salary and had a taxable income of $146,500, resulting in $43,900 in taxes. Chloe had $23,900 in property income and a taxable income of $12,400, resulting in $2,480 in taxes.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
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    of 3

    126 Ann, Basil Chloe

    a) Ann Peach
    **Maximum personal contribution aqualified for rel

    Income tax computation for the tax year ended 2017/18


    Non savings income
    $
    salary 38000
    Personal Allowance -11500
    Taxable income 26500

    Tax computation $
    26500 20% 5300

    Basil Plum
    **Maximum personal contribution aqualified for relief = higher of a)$3,600 or b) UK Rele

    Income tax computation for the tax year ended 2017/18


    Non savings income
    $
    salary 152000
    Personal Allowance -5500
    146500

    Tax Charge
    73500 20% 14700
    73000 40% 29200
    43900

    Chloe Pear
    **Maximum personal contribution aqualified f

    Income tax computation for the tax year ended 2017/18


    Non savings income
    $
    Property Income 23900
    Personal Allowance -11500
    Taxable income 12400

    Tax computation $
    12400 20% 2480
    tribution aqualified for relief = higher of a)$3600 or b) UK Relevant earnings i.e. $38000

    r of a)$3,600 or b) UK Relevant earnings i.e. $152,000. And then lower of a) 152,000 or b)40000

    pension contribution leftover


    2014/15 10000
    15/16 0
    16/17 0
    avalaible this year 36500
    allowance avalaible 46500

    al contribution aqualified for relief = higher of a)$3600 or b) UK Relevant earnings

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