Deemed Employment Income and Corporation Tax Calculation


Added on  2019-09-21

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1.Answer Calculation showing Deemed Employment Income Particular Amount Amount to be received by the Personal Service company from Contact 70000Less : 5% standard Deduction for Expense(3500)Less: Actual Salary paid by company (25000)Less : NIC already paid by company(2330)Deemed Employment Income 391701.Calculation of Employment Income and Income tax Actual Salary Paid (A) 25000Deemed Employment (b) 39170 __________Total Salary (A+B) 64170 (employment income) Tax 11001 to 43000@20% 6400Tax 43001 to 64170@40% 8467 ___________________ Total Tax Payable 14867 Pound (income tax)Employers income for NIC to be Assessed for 2016-2017 for Deemed Salary of - 39170 Pound Rate in force for NIC - 13.8 %NIC Payable = 39170*13.8% = 5405 GBP
Deemed Employment Income and Corporation Tax Calculation_1

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