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Get Computation Of Income Tax Payable By The Salaried Persons For Tax Year 2003

Gust 9, 2002 Circular No. 12 of 2002 (Income Tax) Subject: COMPUTATION OF INCOME TAX PAYABLE BY THE SALARIED PERSONS FOR TAX YEAR 2003 AND DEDUCTION OF TAX FROM SALARY FOR THE TAX YEAR COMMENCING ON 1ST JULY 2002. The tax liability of salaried taxpayers for assessment year 2002-03 shall be computed in accordance with instructions contained in CBR s Circular No. 6 of 2001dated July 4, 2001. 2. The tax payable by salaried persons i.e. where salary constitutes more than 50% of the total income.

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Net income, or net earnings, is the bottom line on a company's income statement. It's calculated by subtracting expenses, interest, and taxes from total revenues. Net income can also refer to an individual's pretax earnings after subtracting deductions and taxes from gross income.

Gross income is calculated as the total amount of revenue earned before subtracting expenses like costs, interest, and taxes.

The computation of income is the total value of goods and services produced by a country for a financial year. It is the monetary equivalent of the net product of all economic activity in a nation.

How to calculate your tax liability. Your taxable income minus your tax deductions equals your gross tax liability. Gross tax liability minus any tax credits you're eligible for equals your total income tax liability.

Tax Law Changes in 2003 The changes included: B Statutory individual income tax rates for the top four brackets declined to 25, 28, 33, and 35 percent (from 27, 30, 35, and 38.6 percent, respectively, in 2002). B The child tax credit rose to $1,000 per child (from $600).

How to calculate annual income. To calculate an annual salary, multiply the gross pay (before tax deductions) by the number of pay periods per year. For example, if an employee earns $1,500 per week, the individual's annual income would be 1,500 x 52 = $78,000.

2002-70 , which listed the standard deduction as $7,950 for 2003. After the change, the standard deduction is $9,500 for 2003.]

How To Define Net Income Formula? The difference between the total revenue generated and the total expenses is known as the net income formula. It is given as: Net Income = Total Revenue - Total Expenses.

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© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232
Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
Content Takedown Policy
About Us
Blog
Affiliates
Contact Us
Privacy Notice
Delete My Account
Site Map
Industries
Forms in Spanish
Localized Forms
State-specific Forms
Forms Kit
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate workflows
DocHub
Instapage
Social Media
Call us now toll free:
+1 833 426 79 33
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232