# Economics 2

More Options: Make a Folding Card

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#### Storyboard Text

• Job: Lawyer
• Tax: 51.75%
• Income: €7,830 (bruto) per month
• Name: Theo Froentjes
• Age: 50
• Income: €93,960 (bruto) per year
• 1. Decide how much annual income a person has
• taxable income = 93,960 - (1,250x3) = 90,210
• Theo recently bought a house for €1,000,000.00 . Now he has a mortgage of €500,000 with 3% per year of interest. Which equals €1,250 per month.
• Sold
• 2. Take off any deductions
• 68,507 +
• 0 - 20,142
• 3. Pour the taxable income into the test tube
• 33,994 - 68,507
• 20,142 - 33,994
• 40.85%
• 35.55%
• 51.92%
• 40.85%
• (20,142 - 0) x 0.3555 = 7,160.48
• Tax = €38,148,88
• (33,994 - 20,142) x 0.4085 = 5,658.54
• (90,210- 68,507) x 0.5175 = 11,231.30
• (68,507 - 33,994) x 0.4085 = 14,098.56
• 4. Decide how much goes in each bracket by multiplying the amount with the tax percentage.
• Theo doesn't have the right to get - the general tax credit (algemene heffingskorting); - nor the taxcredit (arbeidskorting) because his income is too high.
• Reductions€0
• 5. Take off any reductions
• Income = 52,061.12 - 0 = 52,061.12
• Easy peasy!
• 6. Add them up together
• Income = 90,210 - 38,148.88 = 52,061.12
• Taxable income = 93,960 - (1,250x3) = 90,210
• Income (bruto) = €93,960
• 7. Add them up together.
• 6. Take off any reductions.
• Remember!
• 2. Take off any deductions.
• 5. Multiply the amount with tax percentage for .
• 4. Decide how much goes in each bracket.
• 3. Pour the taxable income into the test tube
• 1. Decide how much annual income a person has.
• each bracket.
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