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what is income tax
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asked
Nov 21, 2021
in
Mathematics Form 3
by
Josphatkariuki
What is income tax
commercial arithmetic
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Dec 3, 2021
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easyadmin
Taxes on personal income is income tax. Gross income is the total amount of money due to the individual at the end of the month or the year.Gross income = salary + allowances / benefits
Taxable income is the amount on which tax is levied. This is the gross income less any special benefits on which taxes are not levied. Such benefits include refunds for expenses incurred while one is on official duty.
In order to calculate the income tax that one has to pay, we convert the taxable income into Kenya pounds K£ per annum or per month as dictated by the by the table of rates given.
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