What Is Total Taxable Income What is Taxable Income Taxable income refers to any individual s or business compensation that is used to determine tax liability The total income amount or gross income is used as the basis to calculate how much the individual or organization owes the government for the specific tax period
Taxable income is taxed at the individual tax rates as set out under the personal income tax rates section below Personal income tax rates The tax rates for the fiscal year 1 March 2021 through 28 February 2022 are as follows Taxation of Fringe Benefits Housing allowance is taxable however 1 3 is exempt if the employer has an approved housing scheme The use of a company car is taxable at 1 5 if all costs are paid by the employer and 1 4 if you as an employee pays the fuel cost
What Is Total Taxable Income
What Is Total Taxable Income
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The latest Namibian income tax rates for individuals and companies Quick calculator for your taxes Taxable income total income gross income exempt income allowable deductions taxable capital gains Gross income is the amount of worldwide income that you earned during the tax year excluding income that is of capital nature
Retirement benefits Pension and RA funds The total lump sum is tax free but annuities or pensions paid are taxable at the marginal rate of the member Provident funds One third of the total benefit is exempt and the remainder is taxed at the marginal rate of the member Taxable income is the portion of your gross income that s actually subject to taxation Allowable deductions are subtracted from gross income to arrive at your
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Taxable income is income that is subject to an income tax and must be reported on a tax return come tax filing season Sometimes taxable income is used to describe the calculated amount on which a taxpayer s income tax liability for the year is based What is taxable income Taxable income is the part of your gross income the total income you receive that is subject to federal tax Taxable income and gross income differ for
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What is Taxable Income Taxable income refers to any individual s or business compensation that is used to determine tax liability The total income amount or gross income is used as the basis to calculate how much the individual or organization owes the government for the specific tax period
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Taxable income is taxed at the individual tax rates as set out under the personal income tax rates section below Personal income tax rates The tax rates for the fiscal year 1 March 2021 through 28 February 2022 are as follows
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