Mr. A = Man = husband = employee Mrs. B = Woman = wife = entrepreneur Both are married with 2 children aged 15 and 13. In the year 2017, Mr. A worked as a teacher earning a salary of 50,000 baht per month. The wife engaged in real estate sales brokerage as an entrepreneur and earned a commission of 2.5%

on each sale. For the entire 2017, Mrs. B earned 500,000 Baht in commission from real estate sales. The couple paid 5,000 each for life insurance premium. Mrs. B also paid 1,000 Baht per month on health insurance for herself. The couple made a contribution of 5,000 Baht per month to retirement account under Mr. A's name because his employer has a individual retirement account. In the middle of 2017, the couple rented their condo for 10,000 Baht per month. The money from rent was put into a savings account earning 2.5% interest. Each year in December, the couple attend the Red Cross fund raising event. In 2017, the couple donated 50,000 Baht to the Red Cross.

QUESTION: What is the income tax liability for the couple if they file a joint return?

Income tax rates schedule (1) for the Personal Income Tax Net income which does not exceed 300,000 baht 300,000 baht 500,000 baht 500,000 baht 750,000 baht 750,000 baht 1,000,000 baht 1,000,000 baht 2,000,000 baht 2,000,000 baht 5,000,000 baht 5,000,000 baht 5 percent Net income which only the amount in excess of but not exceeding Net income which only the amount in excess of but not exceeding Net income which only the amount in excess of but not exceeding Net income which only the amount in excess of but not exceeding Net income which only the amount in excess of but not exceeding Net income which only the amount in excess of the Revenue Code as amended by the Revenue Code Amendment Act No. 45 B.E.2560 which is applicable for assessable income in the tax year 2560 which tax return shall be filed in 2561 10 percent 15 percent 20 percent 25 percent 30 percent 35 percent onwards) (2) for the Corporate Income Tax (a) The tax on net profits of a company or juristic partnership is 20 percent (Amended by the Revenue Code Amendment Act 'No 42) .. 2559 (2016) which is applicable for the accounting periods on or after 1 january B.E. 2559 (2016)) (b) The tax under section 70 not specified in (c) is 15 percent (c) The tax under section 70 specified in the case of the payment of assessable income under section 40(4)(b) is 10 percent (d) The tax under section 70 Bis is 10 percent (Amended by the Revenue Code Amendment Emergency Decree No.16) B.E. 2534 (1991) which has come into force as from 1 may B.E. 2535 (1992)) (e) The tax on revenue before deducting any expense of a foundation or association which carries on business that produces revenue not be revenue under section 65 Bis (13) is 10 percent (Amended by the Revenue Code Amendment Emergency Decree (No.16) B.E. 2534 (1991) which is applicable for the accounting periods on or after 1 january B.E.2535 (1992))