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    Prabin Gc
    The document contains information about an individual's total yearly income of $3,500,000. It lists provident fund and insurance contributions that are deducted from taxable income. Based on the income amount falling in the $750,000 to $3,500,000 tax bracket, the tax rate is calculated as 13% and total yearly tax is determined to be $455,000.

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    Template

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    Prabin Gc
    6 views4 pages
    The document contains information about an individual's total yearly income of $3,500,000. It lists provident fund and insurance contributions that are deducted from taxable income. Based on the income amount falling in the $750,000 to $3,500,000 tax bracket, the tax rate is calculated as 13% and total yearly tax is determined to be $455,000.

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    The document contains information about an individual's total yearly income of $3,500,000. It lists provident fund and insurance contributions that are deducted from taxable income. Based on the income amount falling in the $750,000 to $3,500,000 tax bracket, the tax rate is calculated as 13% and total yearly tax is determined to be $455,000.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as pdf or txt
    6 views4 pages

    Template

    Uploaded by

    Prabin Gc
    The document contains information about an individual's total yearly income of $3,500,000. It lists provident fund and insurance contributions that are deducted from taxable income. Based on the income amount falling in the $750,000 to $3,500,000 tax bracket, the tax rate is calculated as 13% and total yearly tax is determined to be $455,000.

    Copyright:

    © All Rights Reserved
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    of 4

    450000

    750000
    Above 3500000
    Total Yearly Income 100000

    Provinent Fund 5000


    Citizen Investment Trust 0
    Insurance 1000

    Taxable Yearly Income =E5-(E7+E8+E9)

    Income Tax Bracket Tax Slab


    0 450000 =E16-D16
    450000 750000 =E17-D17
    750000 3500000 =E18-D18
    Above 3500000 =E19-D19
    Tax Rate Tax Amount
    0.01 =IF(E11<E16,G16*E11,F16*G16)
    0.07 =IF(I16<F17,G17*I16,F17*G17)
    0.13 =IF(I17<F18,G18*I17,G18*F18)
    0.25 =I18*G19
    Total Yearly Tax =SUM(H16:H19)
    Total Monthly Tax =H20/12
    Taxable Amount Left
    =IF(E11<E16,0,E11-F16)
    =IF(I16<F17,0,I16-F17)
    =IF(I17<F18,0,I17-F18)

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