Venezuela
Individual - Sample personal income tax calculation
Last reviewed - 30 June 2022
Assumptions:
- Annual individual tax calculation for 2022.
- Foreign resident who earns a salary and is married with two children.
- Wife and descendants have no income.
- Husband earns Bs 75,000 in the year.
- TU value is Bs 0.40 (considering the new currency expression).
- Remuneration:
- Salary, allowances, profit sharing, vacation bonus, and other income totals Bs 75,000
- Standard deduction is TU 774 (Bs 309.60 ).
| Tax computation |
TU |
Bs |
| Gross income |
187,500.00 |
75,000.00 |
| Deductions: |
|
|
| Standard deduction |
(774.00) |
(309.60) |
| Taxable income |
186,226.00 |
74,690.40 |
| Income tax |
62,611.84 |
25,044.74 |
| Tax credits: |
|
|
| Personal tax credit |
(10.00) |
(4.00) |
| Credit for spouse |
(10.00) |
(4.00) |
| Credit for children |
(10.00 each) |
(8.00) |
| Income tax due |
|
25,028.74 |
| Less: Income tax withholdings (tax advances) |
|
(1,200.00) |
| Income tax payable |
|
23,828.74 |
