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<span style=”color: #4b4d4d; font-family: Arial, sans-serif;”><span style=”font-size: 14px;”>T</span></span>he total taxable income is $69,800 ( including $34900 excepted taxable income and $34900 eligible taxable income). Is the amount of LITO and LAMITO assessed based on total taxable income or excepted income only?
Thanks.
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Sorry about the typing above.
<p style=”box-sizing: border-box; margin: 0px 0px 22px; color: #4b4d4d; font-family: Arial, sans-serif; font-size: 14px;”>The total taxable income is $69,800 ( including $34900 excepted taxable income and $34900 eligible taxable income). Is the amount of LITO and LAMITO assessed based on total taxable income or excepted income only?</p>
<p style=”box-sizing: border-box; margin: 0px 0px 22px; color: #4b4d4d; font-family: Arial, sans-serif; font-size: 14px;”>Thanks.</p> -
<span style=”color: #4b4d4d; font-family: Arial, sans-serif; font-size: 14px;”>The total taxable income is $69,800 ( including $34900 excepted taxable income and $34900 eligible taxable income). Is the amount of LITO and LAMITO assessed based on total taxable income or excepted income only?</span>
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Hi Liru,
I cannot read your message above, so I try my best to answer it.
Both of $34900 excepted taxable income and $34900 eligible taxable income are included when calculating the amount of LITO and LAMITO.
regards
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If both of $34900 excepted taxable income and $34900 eligible taxable income (total $69,800) are included for calculation of LITO & LAMITO, then LITO is nil, LAMITO will be be $530 rather than $200 provided in the solution. Is it correct?
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