Appendix E (3) (cont'd)
(vi)
EXAMPLES OF THE EFFECT THE PROPOSED INCREASE IN PERSONAL ALLOWANCE, REDUCTION IN STANDARD RATE AND ADJUSTMENT TO THE 3RD TAX BAND WILL HAVE ON SALARIES TAX PAYABLE AT VARIOUS INCOME LEVELS
Single person
Present
(exempt up to $29,000)
Proposed
(exempt up to $34,000)
Annual income
Tax payable
Effective
Tax
Effective
Tax
rate
payable
rate
saving
($)
($)
(%)
($)
(%)
($)
(%)
36,000
350
1.0
110
0.3
240
68.6
48,000
1,400
2.9
1,040
2.2
360
25.7
60,000
3,200
5.3
2,790
4.7
410
12.8
72,000
5,600
7.8
4,860
6.8
740
13.2
84,000
8,250
9.8
7,500
8.9
750
9.1
96,000
11,250
11.7
10,250
10.7
1,000
8.9
108,000
14,250
13.2
13,250
12.3
1,000
7.0
120,000
17,250
14.4
16,250
13.5
1,000
5.8
132,000
20,250
15.3
19,250
14.6
1,000
4.9
144,000
23,250
16.1
22,250
15.5
1,000
4.3
(159,375)
27,093
17.0
26,093
16.4
1,000
3.7
(161,765)
27,500
17.0
26,691
16.5
809
2.9
Married person, with no children
(exempt up to $60,000)
(exempt up to $70,000)
72,000
700
1.0
110
0.2
590
84.3
84,000
2,100
2.5
1,040
1.2
1,060
50.5
96,000
4,200
4.4
2,790
2.9
1,410
33.6
108,000
6,600
6.1
4,860
4.5
1,740
26.4
120,000
9,500
7.9
7,500
6.3
2,000
21.1
132,000
12,500
9.5
10,550
8.0
1,950
15.6
144,000
15,500
10.8
13,850
9.6
1,650
10.6
168,000
21,500
12.8
20,450
12.2
1,050
4.9
180,000
24,500
13.6
23,500
13.1
1,000
4.1
216,000
33,500
15.5
32,500
15.0
1,000
3.0
(252,941)
42,735
16.9
41,735
16.5
1,000
2.3
(256,250)
43,562
17.0
42,281
16.5
1,281
2.9
· 84
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