how to calculate income tax kenya?
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['Gross Income = Basic salary + allowances + commissions.', 'Taxable Income = Gross Income - all deductions/exemptions allowed by law e.g. NSSF, private pension.']
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['Add up all federal, state, and local tax rates.', 'Subtract the total tax rates from the number 1. 1 – tax = net percent.', 'Divide the net payment by the net percent. net payment / net percent = gross payment.', 'Check your answer by calculating gross payment to net payment.']
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Effective Tax Rates The actual percentage of your taxable income that you owe to the IRS is called an effective tax rate. To calculate your effective tax rate, take the total amount of tax you paid and divide that number by your taxable income.
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Subtract the total tax percentage from 100 percent to determine the net tax percentage. For example, assume that your employee must pay 31 percent on a $10,000 bonus. The net tax percentage is 67.35 percent (100 – 32.65). Divide the employee's bonus amount by the net tax rate to determine the gross amount of the bonus.
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If you're an employee, the calculation is pretty simple. First, write down (or type into a calculator) the lower of your total wages or $127,200. Then, multiply this number by 6.2% (0.062) to calculate your Social Security tax.
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['First, we calculate your adjusted gross income (AGI) by taking your total household income and reducing it by certain items such as contributions to your 401(k).', 'Next, from AGI we subtract exemptions and deductions (either itemized or standard) to get your taxable income.']
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To calculate the net GST/HST to remit, multiply the amount from your taxable supplies (including the GST/HST) made during the reporting period by the applicable quick method remittance rate(s). The quick method remittance rates are less than the GST/HST rates of tax that you charge.
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['Estimate your taxable income this year.', "Calculate how much you'll owe in income and self-employment taxes.", 'Divide your estimated total tax into quarterly payments.', 'Send an estimated quarterly tax payment to the IRS.']
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['Step 2 – Calculate Adjusted Gross Income. Next, calculate your adjusted gross income. ... ', 'Step 3 – Subtract Deductions. ... ', 'Step 4 – Subtract Exemptions. ... ', 'Step 5 – Calculate Tax Liability and Subtract Credits. ... ', 'Step 6 – Determine Taxes Owed or Refund Due.']
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To calculate sales tax, first convert the sales tax from a percentage to a decimal by moving the decimal 2 places to the left. Then multiply the cost of the item or service by that decimal to get the sales tax. Remember to add the sales tax to the cost of the item or service to get the total amount you will pay for it.
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['Start with your gross income. Income is on lines 7-22 of Form 1040.', 'Add these together to arrive at your total income.', 'Subtract your adjustments from your total income (also called “above-the-line deductions”)', 'You have your AGI.']
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Net Income of the partnership is calculated by subtracting total expenses from total revenues. After that salary and interest allowances are subtracted from Net Income, and the result is Remaining Income, which is divided equally in accordance with the partnership agreement.
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How we calculate your instalment rate. We calculate your PAYG instalment rate using information from your most recently lodged tax return. The instalment rate calculation is: (Estimated tax ÷ instalment income) × 100.
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To calculate the sales tax that is included in receipts from items subject to sales tax, divide the receipts by 1 + the sales tax rate. For example, if the sales tax rate is 6%, divide the total amount of receipts by 1.06. $255 divided by 1.06 (6% sales tax) = 240.57 (rounded up 14.43 = tax amount to report.
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Take the gross amount of any sum (items you sell or buy) – that is, the total including any VAT – and divide it by 117.5, if the VAT rate is 17.5 per cent. (If the rate is different, add 100 to the VAT percentage rate and divide by that number.) Multiply the result from Step 1 by 100 to get the pre-VAT total.
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Average salary in Kenya is KES 2,451,369. Average take home earning is KES 1,784,457 (Net). The most typical salary is KES 1,394,812 (Gross). These data are from our visitors surveys (1,206 individual salaries).
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['Required Rate of Return = (2.7 / 20000) + 0.064.', 'Required Rate of Return = 6.4 %']