Question
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 a) Create a Mathematical Model that represents the aforementioned information to calculate the annual income tax. b) How much annual income tax you will have to pay if your monthly taxable income is CNY6,000.
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