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Case (6) :

Case (6) : Dr. Yahia works in his own private clinic and you have the following information on 31-12-2007 The total gross income = 130,000 NIS And paid the following expenses: -Electricity bills 1800 NIS annually. -Water bills 600 NIS annually. -Phone bills 2160 NIS annually.

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Case (6) :

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  1. Case (6) : Dr. Yahia works in his own private clinic and you have the following information on 31-12-2007 The total gross income = 130,000 NIS And paid the following expenses: -Electricity bills 1800 NIS annually. -Water bills 600 NIS annually. -Phone bills 2160 NIS annually. -In January 2007 bought clinic equipment (CT) amounted 5000$ and the depreciation rate is 7% annually. -Huda works as a nurse with monthly salary 900 NIS -Akram works as an office assistant with monthly salary 600 NIS

  2. Dr. Yahia married with Dr. Sozan and she work in the ministry of health. They have three sons, Ahmed student in the 6th class and Amjad student in Palestine university with certificate document, and Rana married and lives with here husband. Dr. Yahia live with his father and he has pension from Palestinian Authority. They live in a rent house 200$ monthly paid by Dr. Yahia If you know that Dr. Yahia has no income except 200$ monthly salary from (UN) paid for his medical consulting. Required: calculate the following: 1- total gross income. 2- taxable income. 3- The deductions and exemptions. 4- the accrued value of tax annually and monthly. The exchange rate for dollar 4.5 NIS.

  3. 1- The total gross income from all recourses = 130000/4.5= 28888.8$ 200$* 12 = 2400$ Total income = 31288.8 Gross taxable income = 28888.8 Deductions Electricity 1800/ 4.5 = 400$ Water 600/ 4.5 = 133$ Phone 2160/ 4.5 = 480$ Depreciation of CT 5000$* 7% =350$ Huda salary = 900*12/ 4.5 = 2400$ Akram salary = 600*12/ 4.5 1600$ total of deductions = 5363$.

  4. Exemptions: Resident 3000$ Wife 0$ Sons 500$ University student 2500$ Married daughter 0$ Rent of house 2000$ (200*12=2400) max 2000$ Total of exemption 8000$ Total of deductions and exemptions = 5363+8000 =13363$ Net taxable income =28888.8 – 13363 = 15525.8$ Annual income tax = (10000*8% + 5525.8*12%) 800 + 663 = 1463$ Monthly income tax = 1463/12 = 121.9$ 121.9 *4.5 = 548.6 NIS

  5. Case (7) : Mrs. Eman is a relict woman, she works in private company with monthly salary 1850 NIS, She has three sons and lives in a rent house 8500 NIS annually Required: calculate the income tax to be paid (the exchange rate 5 NIS) Note : in this case we have family woman, and she will have all the exemption have been given to the family man.

  6. Answer: Annual income 1850*12/5 = 4440$. Deduct the exemption Resident 3000$ Husband (dead) 0$ Sons 1500$ (3*500) Rent 1700$ Total 6200$ So tax is 0$ because the exemption are more than the income.

  7. partnership Case (8): A taxpayer is partner in corporation own 50% of capital and has monthly salary 2500 NIS for managing, he is married and has three sons one of them study in the university with and others in school. The taxpayer lives with his father and mother and take care of them, he lives in a rent house 500 NIS monthly. The partnership result for the corporation as follow: revenue and expenses Dollar = 4 NIS Required : Calculate the income tax.

  8. Assume the given information for sharing company ( Cooperation )! What is the main difference? The same situation without exemptions Total revenue 117,500/4 = 29,375$. income tax: 29,375 *15% =4406.25

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