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Text File  |  1991-06-22  |  2KB  |  54 lines
  1. $Title{Table 10.: Gross Income:}
  2.  
  3.  
  4.      Salary (Note 1)                                    Bs    140,000
  5.  
  6.      Profit participation  (one
  7.      month's salary )                                          12,000
  8.  
  9.      Investment income                                          6,000
  10.                                                               _______
  11.  
  12.                                                               158,000
  13.  
  14. Less -- Nonbusiness deductions:
  15.  
  16.      Social security taxes, 6% x 140,000      8,400
  17.  
  18.      National housing fund, 1% x 140,000      1,400             9,800
  19.                                               _____           _______
  20.  
  21.                                                               148,200
  22.  
  23. Less -- Personal allowances:
  24. Basic deduction, 24 x Bs60 (Note 2)                             1,440
  25.                                                               _______
  26.  
  27.      Taxable income                                     Bs    146,760
  28.  
  29.                                                               =======
  30. Tax payable:
  31.  
  32.      10% x 148,400                                      Bs     14,676
  33.  
  34. Less:
  35.  
  36.      Tax credit for value-added tax
  37.      included in  purchases                   9,000
  38.  
  39.      Tax credit 10% of 2 minimum
  40.      salaries per month (10% x 24 x 60)         144           (9,144)
  41.                                             _______           _______
  42.  
  43.                                                         Bs      5,532
  44.  
  45.                                                               =======
  46.  
  47. Notes: 3
  48.  
  49. 1. The obligatory year-end bonus equivalent to one month's salary
  50. is not subject to tax and, therefore, has not been included in the
  51. above computation.
  52.  
  53. 2. The minimum basic salary is Bs60 (formerly Bs50).
  54.