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Answer. Calculation showing Deemed Employment Income. P

Added on - 21 Sep 2019

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1.AnswerCalculation showing Deemed Employment IncomeParticularAmountAmount to be received by the Personal Servicecompany from Contact70000Less : 5% standard Deduction for Expense(3500)Less: Actual Salary paid by company(25000)Less : NIC already paid by company(2330)Deemed Employment Income391701.Calculation of Employment Income and Income taxActual 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 2016-2017for Deemed Salary of - 39170 PoundRate in force for NIC - 13.8 %NIC Payable = 39170*13.8% = 5405 GBP
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