Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Income earned by individuals in China from privately-owned businesses, sole proprietorship enterprises, or partnerships is generally subject to Income Tax at progressive rates from 5%

Income earned by individuals in China from privately-owned businesses, sole proprietorship enterprises, or partnerships is generally subject to Income Tax at progressive rates from 5% to 35%, as follows:

Annual taxable income (Chinese Yen - CNY)

Tax rate (%)

0 to 15,000

5

Over 15,000 to 30,000

10

Over 30,000 to 60,000

20

Over 60,000 to 100,000

30

Over 100,000

35

  1. Create a Mathematical Model that represents the aforementioned information to calculate the annual income tax.
  2. How much annual income tax you will have to pay if your monthly taxable income is CNY 8000.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Personal Trainer Online Purchase Managerial Accounting

Authors: Carl S. Warren, James M. Reeve, Philip E. Fess

8th Edition

0324204604, 978-0324204605

More Books

Students also viewed these Accounting questions

Question

Describe the new structures for the HRM function. page 676

Answered: 1 week ago