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Calculate end of year tax returns (Married)
Tax year for calculations is 2006
(Form P21C)
Selected currency is Euro €
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INCOME FROM EMPLOYMENTS €:
Income for Self 50000.0
Income for Spouse 0.0
Other Incomes/Benefits 0.0
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Gross Statutory Income 50000.0
CREDITS (@20%)€:
Personal Allowance 16300.0
PAYE Allowance 7450.0
Medical Insurance Allowance 0.0
Service Charge Allowance 0.0
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Total Credits (@20%) 23750.0
ALLOWANCES (@42%) €:
Med Expenses, Perm Health 0.0
Expenses 0.0
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Total Allowances 0.0
COMPUTATION OF NET TAX PAYABLE BY YOU €:
Gross Statutory Income 50000.0
Less Allowances before tax 0.0
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Taxable Income 50000.0
Which is chargeable as follows:
41000.0 @ 20% = 8200.0
9000.0 @ 42% = 3780.0
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Income Tax due 11980.0
LESS €:
Tax Credits (23750.0 @20%) 4750.0
Total Income Tax due 7230.0
Net Tax deducted under PAYE 0.0
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Tax Underpaid € 7230.0