Tax

[Britannia]

can anyone inform me what is the tax payable on 40,000 income for a Farang married to Thai lady and working together in a business

[Mario2008]

Should be about 2,500 a month.

[Britannia]

Should be about 2,500 a month.

So would that be fair to say if my income is 40,000 and my wife's income is an additional 40,000 then the joint tax should be around 5,000

[TerryLH]

It would probably be more if you are filing together.

There is 150k taken off the top, before your regular deductions.

If you file together that's 150k.

Seperately it would be 300k total. Not positive that's really possible, but think it is.

If you have a business that's generating that much money, who does your books? They should have tax answers for you.

[singa-traz]

http://www.rd.go.th/publish/6045.0.html

[Maestro]

So would that be fair to say if my income is 40,000 and my wife's income is an additional 40,000 then the joint tax should be around 5,000

What legal form does the business have? Is it a sole proprietorship in the wife’s name?

This makes no difference to the tax payable on the salary the husband gets paid but if it is a sole proprietorship it is relevant to the way the proprietor’s personal income tax is calculated.

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Maestro

[CosmicSurfer]

So would that be fair to say if my income is 40,000 and my wife's income is an additional 40,000 then the joint tax should be around 5,000

What legal form does the business have? Is it a sole proprietorship in the wife’s name?

This makes no difference to the tax payable on the salary the husband gets paid but if it is a sole proprietorship it is relevant to the way the proprietor’s personal income tax is calculated.

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Maestro

Maybe the question should be.. "Do you qualify for a Work Permit?"...

No Work Permit, then the question of paying tax is moot...

CS

[Maestro]

Because the OP wrote that he was working I took it for granted that he has a work permit.

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Maestro

[CosmicSurfer]

Because the OP wrote that he was working I took it for granted that he has a work permit.

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Maestro

Can't assune anything... There's Work for, Work With and Work Under....

Including work "Under the table"...

CS

[CWMcMurray]

It would probably be more if you are filing together.

There is 150k taken off the top, before your regular deductions.

If you file together that's 150k.

Seperately it would be 300k total. Not positive that's really possible, but think it is.

If you have a business that's generating that much money, who does your books? They should have tax answers for you.

What legal form does the business have? Is it a sole proprietorship in the wife's name?

This makes no difference to the tax payable on the salary the husband gets paid but if it is a sole proprietorship it is relevant to the way the proprietor's personal income tax is calculated.

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Maestro

If my wife has a sole proprietorship, is it actually possible to file separately or do we have to file a joint return?

The way the deductions and exemptions are set up here, you would think that everyone would rather file separately if they could...

What are the special considerations on how income is declared for a sole proprietorship?

[PoorSucker]

Why do you pay taxes on 40.000?

I only pay for 20.000 baht.

[Maestro]

It may depend on the type of business but if the sole proprietorship is trading the taxable income is usually calculated as [gross revenue]-85%=[taxable income], and the proprietor pays tax on this atthe same rate as if it were her personal income. In other words, the proprietor does not pay herself a salary and pays tax on that, the net profit of the business is considered her taxable income.

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Maestro