In this question the income tax calculated how was it found? what is the transactions? help please
In this question the income tax calculated how was it found? what is the transactions? help please
Chapter4: Gross Income: Concepts And Inclusions
Section: Chapter Questions
Problem 21CE
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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 and
keeping a book on a balance sheet basis makes purchases and
sales bijouterie. Due to this activity, taxpayer (D) made a
profit of 200.000 TL in 2021 calendar year, paid 20.000 TL
Social Security (Official Turkish şynonim. Bağ-Kur) premium
and 25.500 TL advance (prepaid) tax. The taxpayer also paid
30.000 TL personal insurance premium on behalf of his wife.
Tax bases and tax rates for other than wages and salaries stated in
Article 103 of the PITL are as follows:
For Tax Rates please look the Slide :20
• Up to 24,000 TRY
15%
Calculate and discuss Mr E's personal income tax liabilities.
3.600 TRY for 24,000 TRY of 53.000 TRY, for more
20%
Taxpayer's Mr. E declaration Will be as Follows:
9.400 TRY for 53.000 TRY of 130.000 TRY, for more
27%
Commercial Earnings 200.000 TL
• 30.190 TRY for 130.000 TRY of 650,000 TRY, for more
35%
Social Security (Bağ-Kur Premium) 20.000 TL
Net 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 more
40%
Taxable Income 180.000 TL - 27.000 TL) 153.000 TL
Calculated Income Tax 38.240 TL
Tax Credit (Prepaid Tax) : 25.500 TL
Income Tax Payable (38.240 TL - 25.500 TL) 12.740 TL
Stamp tax payable 92.20 TL
*** The taxpayer made commercial earnings of 200.000 TL in 2021 calendar
year. The amount to be deducted in relation to the paid insurance premium does
not 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 to
deduction (200.000-20.000 = 180.000 x 15%) will be 27.000 TL.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F886ebc5c-d313-4b4f-b2b3-d57da9e5ae0c%2Ff4a824bf-9303-478c-92ba-208838c05135%2Fg2moztc_processed.png&w=3840&q=75)
Transcribed Image Text:Example: The taxpayer Mr. (E) residing in Istanbul and
keeping a book on a balance sheet basis makes purchases and
sales bijouterie. Due to this activity, taxpayer (D) made a
profit of 200.000 TL in 2021 calendar year, paid 20.000 TL
Social Security (Official Turkish şynonim. Bağ-Kur) premium
and 25.500 TL advance (prepaid) tax. The taxpayer also paid
30.000 TL personal insurance premium on behalf of his wife.
Tax bases and tax rates for other than wages and salaries stated in
Article 103 of the PITL are as follows:
For Tax Rates please look the Slide :20
• Up to 24,000 TRY
15%
Calculate and discuss Mr E's personal income tax liabilities.
3.600 TRY for 24,000 TRY of 53.000 TRY, for more
20%
Taxpayer's Mr. E declaration Will be as Follows:
9.400 TRY for 53.000 TRY of 130.000 TRY, for more
27%
Commercial Earnings 200.000 TL
• 30.190 TRY for 130.000 TRY of 650,000 TRY, for more
35%
Social Security (Bağ-Kur Premium) 20.000 TL
Net 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 more
40%
Taxable Income 180.000 TL - 27.000 TL) 153.000 TL
Calculated Income Tax 38.240 TL
Tax Credit (Prepaid Tax) : 25.500 TL
Income Tax Payable (38.240 TL - 25.500 TL) 12.740 TL
Stamp tax payable 92.20 TL
*** The taxpayer made commercial earnings of 200.000 TL in 2021 calendar
year. The amount to be deducted in relation to the paid insurance premium does
not 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 to
deduction (200.000-20.000 = 180.000 x 15%) will be 27.000 TL.
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