Tax On 55k?

[spurs]

QUICK QUESTION:

HOW MUCH TAZ DOES A FARANG PAY ON 55.000 THB A MONTH? I'VE DONE A SEARCH BUT ALL I CAN FIND IS SOMEWHERE BETWEEN 5-37%.

ANYONE KNOW SPECIFICS HERE?

SEALS

[pattyboy]

I think it goes like this.

Tax Rates:

100000 and under = exempt

101000 - 500000 = 10%

501000 - 1000000 = 20%

So, at an annual taxable income of (55,000x12, minus a 30,000 exemption) 630,000, you should pay 50,000 on the first 500,000 and 26,000 on the remaining 130,000 for a total of 76,000 baht

There may be other exemptions like the 750 baht you will likely pay for social security each month, but I think the figure I've given you is a good ballpark estimate.

Edited January 29, 2008 by pattyboy

[CWMcMurray]

I think it goes like this.

Tax Rates:

100000 and under = exempt

101000 - 500000 = 10%

501000 - 1000000 = 20%

So, at an annual taxable income of (55,000x12, minus a 30,000 exemption) 630,000, you should pay 50,000 on the first 500,000 and 26,000 on the remaining 130,000 for a total of 76,000 baht

There may be other exemptions like the 750 baht you will likely pay for social security each month, but I think the figure I've given you is a good ballpark estimate.

Actually, that isn't entirely true

the first 100,000 is tax exempt and if you are single then you can make a deduction for 30,000 if you are married then 60,000

So 55,000 x 12 = 660,000

(single) -130,000=530,000 taxable income

the first 400,000 x 10% = 40,000

the additional 130,000 x 20% = 26,000

For a total tax due of 66,000

or 5,500 per month

***The only difference from the previous explination given is that for the first 100,000 it is not necessary to pay taxes***

Also there are other deductions possible,

for each school age child 2,000 per child

For charity - actual, but if it is over 10,000 baht it may raise flags in the system so you may need receipts if audited

Also premiums for certain life insurance premiums are deductable

There are other deductions possible but I cant remember them all off the top of my head

[pattyboy]

I think it goes like this.

Tax Rates:

100000 and under = exempt

101000 - 500000 = 10%

501000 - 1000000 = 20%

So, at an annual taxable income of (55,000x12, minus a 30,000 exemption) 630,000, you should pay 50,000 on the first 500,000 and 26,000 on the remaining 130,000 for a total of 76,000 baht

There may be other exemptions like the 750 baht you will likely pay for social security each month, but I think the figure I've given you is a good ballpark estimate.

Actually, that isn't entirely true

the first 100,000 is tax exempt and if you are single then you can make a deduction for 30,000 if you are married then 60,000

So 55,000 x 12 = 660,000

(single) -130,000=530,000 taxable income

the first 400,000 x 10% = 40,000

the additional 130,000 x 20% = 26,000

For a total tax due of 66,000

or 5,500 per month

***The only difference from the previous explination given is that for the first 100,000 it is not necessary to pay taxes***

Also there are other deductions possible,

for each school age child 2,000 per child

For charity - actual, but if it is over 10,000 baht it may raise flags in the system so you may need receipts if audited

Also premiums for certain life insurance premiums are deductable

There are other deductions possible but I cant remember them all off the top of my head

Thanks for clearing that up. I was hoping that if I started the ball rolling, someone with a true knowledge of the situation might jump in and help out. I really don't pay much attention to the tax deduction as my pay is automatically deposited and and my tax return is done for me by the company.

[Cyberstar]

There's a standard deduction, depending on kind of income, that's worth to include in the calculation. If income is salary from employment the standard deduction is "40% but not exceeding 60,000 Baht"... So if OP is an employee his tax will be about 500 baht less pr. month.

You can read all about it at - http://www.rd.go.th/publish/6045.0.html

For those who, like me, file his own tax forms - the actual form actually is quite handy inasmuch as it actually leads you through the calculation step by step. Your main problem is to figure whether or not this or that deduction is applicable in your situation (e.g. the spouse allowance doesn't apply if spouse has income, but that part you won't know unless you know it from elsewhere).

The taxforms can be downloaded from RD's website in an English translation. (Section A of P.N.D.91 tells all an employee needs even better than the link above): http://www.rd.go.th/publish/29041.0.html

Edited January 31, 2008 by Cyberstar

[samran]

or, use my tax calculator

http://www.thaivisa.com/forum/index.php?ac...st&id=16490

[pattyboy]

or, use my tax calculator

http://www.thaivisa.com/forum/index.php?ac...st&id=16490

Thank, samran. This is really handy.

I see the OP has never bothered to acknowledge the help he or she has received. This seems to happen too often here at TV. For example, I've set up several people (who sent me PM's or email) with access to NHL hockey games, yet not one of them has even said "thank you". That kind of thoughtlessness certainly doesn't encourage me to take my time and make an effort to help people here. I'm starting to think that recognizing people's help and thanking them is strange behavior at TV -- what a pity.

[TerryLH]

"...for each school age child 2,000 per child..."

Actually the deduction for children is 15k per child, up to a maximum of three. There is also an additional 2k deduction if the child is studying in Thailand, not just school age.

[samran]

"...for each school age child 2,000 per child..."

Actually the deduction for children is 15k per child, up to a maximum of three. There is also an additional 2k deduction if the child is studying in Thailand, not just school age.

cheers for the correction.

[Korat88]

or, use my tax calculator

http://www.thaivisa.com/forum/index.php?ac...st&id=16490

Yes Samran. I must thank you for this helpful tool as well. Very useful for those who are new to Thailand.

[TerryLH]

"That kind of thoughtlessness certainly doesn't encourage me to take my time and make an effort to help people here. I'm starting to think that recognizing people's help and thanking them is strange behavior at TV -- what a pity."

I'm sure you've heard it said that no good deed goes unpunished.

[helicoptor]

many thanks Samran - a good tool (not you, the spreadsheet)