PIT Calculator Use this form to calculate your Personal Income Tax. COMPUTATION OF PERSONAL INCOME TAX 1000 Wages and Salary from Employment 1001 Less: Allowable Employment Deductions (complete Schedule A - page 3) 1002 Less: Exempt Income (Sickness/Maternity Benefit refunded to your employer) 1003 Net Employment Income (subtracts line 1001 & 1002 from line 1000) 1200 Alimony or Maintenance receipts 1201 Gross Taxable Dividends (complete Schedule B - page 3) 1202 Annuities 1203 Net Income From Operation (complete Schedule G & G2) (Example: Business Income, Professional Income, etc) 1204 Share of Income/Loss from Partnership 1205 Share of Income/Loss from Estate or Trust 1206 Income earned overseas(give details on a separate sheet) 1207 Total Income (adds lines 1003 to 1206) 1208 Less: Prior Year(s) Loss (from bona fide business only - complete Schedule D) 1209 Net Income (subtracts line 1208 from line 1207) COMPUTATION OF ALLOWANCE AND DEDUCTIONS 2000 Allowance for Resident Individuals ($30,000.00) 2001 1st Mortgage Interest (maximum allowable $30,000.00) 2002 2nd Mortgage Interest (maximum allowable $15,000.00) 2003 Approved Donations 2004 Student Loan Interest 2005 Property Insurance (maximum allowable $8,000.00) 2006 Health Insurance 2007 Total Allowance and Deductions (adds lines 2000 to 2006) 2008 Chargeable Income (subtracts line 2007 from line 1209) COMPUTATION OF TAX ON CHARGEBABLE INCOME SELECT ONE(1) OF THE THREE(3) CONDITIONS AND ENTER THE RESULT IN THE "TAX PAYABLE" COLUMN Condition 1: use if Chargeable Income is between $0 and $20,000 Chargeable Income Tax Payable Enter Chargeable Income from line 2006 A x15% Total Tax Payable on line B and Carry to line 3000 B Condtion 2: use if Chargeable Income is between $20,001 and $50,000 Chargeable Income Tax Payable Enter Chargeable Income from line 2006 A Tax on the first $20,000 B $20,000.00 $3,000.00 Difference (minus lineB from line A) C x25% Total Tax Payable on line D (line B plus line C)Carry to line 3000 D Condition 3: use if Chargeable Income is greater than $50,000 Chargeable Income Tax Payable Enter Chargeable Income from line 2006 A Tax on the first $50,000 B $50,000.00 $10,500.00 Difference (minus line B from line A) C x35% Enter Total Tax Payable on line D (line B plus line C)Carry to line 3000 D 3000 Total tax on Chargeable Income LESS: CREDITS AND PAYMENTS 3001 Dividend Tax Credit (not exceeding tax on Chargeable Income from schedule B) 3002 Net Tax on Chargeable Income After Dividend Tax Credit (line 3000 less line 3001) 3003 Double Tax Credit (not exceeding line 3002 From schedule C) 3004 Net Tax on Chargeable Income After Double Tax Credit (line 3002 less line 3003) 3005 New Employment Rebate (Maximum $600 per position or $6000 per Tax Period) 3006 Net Tax on Chargeable Income After New Employment Rebate (line 3004 less line 3005) 3007 PAYE deductions (employees only) 3008 Installment payments 3009 Payments on account 3010 Total Credits and Payments (adds lines 3001 to 3008) 3011 Difference (subtracts line 3010 from 3000) 3012 Add: Late-filing Penalty (multiplies line 3000 by 5%) 3013 Total amount Payable/Refundable (adds lines 3011 and 3012) 3014 Amount to be paid on filing Attention, please read the following information: 1. Make cheque or money order payable to the COMPTROLLER OF INLAND REVENUE, DO NOT MAIL CASH 2. Return MUST be filled ON OR BEFORE MARCH 31st 3. Any balance due MUST be paid ON OR BEFORE MARCH 31st 4. A 10% PENALTY and INTEREST AT 1% PER MONTH OR PART THEREOF will be charged on payments made after MARCH 31st 5. If you require assistance in completting this form, contact the Inland Revenue Division on telephone number : 266 3600
