Income Tax Calculator
Understanding Income Tax
Tax Formula: Taxable Income = Gross Income - Deductions
Tax Liability = (Income × Tax Rate) - Tax Credits
Tax Liability = (Income × Tax Rate) - Tax Credits
Income Tax Slabs (Sample)
| Income Range | Tax Rate |
|---|---|
| Up to $10,000 | 0% |
| $10,001 - $50,000 | 15% |
| $50,001+ | 25% |