<aside> 💡 What you can do with this template
Hiya! I’m Adleena, a designer by profession and obsessed with trying to make things ✨efficient✨ including the first few years of working, struggling navigating through adult life. My goal in 2024 is to share what have helped my LIFE easier — my precious notion templates and hopefully get feedback in ways I can help the community! I speak BM too but seem to write better in English. Hit me up on LinkedIn or posts.cv or Twitter with my 5 other followers lol. Feel free to share this template around if you find this helpful!
🔼 LHDN Tax rate here.
🧮 Tax calculator to use here.
🔢 PCB calculator here.
🙏🏼 Zakat: Pay zakat within the same year to get 100% rebate
Before anything - set target. The numbers change every year. I use these numbers as my “projection”, to learn how much I want to deduct as taxable income
Total income 2023 = MYR 50,000
Target taxable income = <MYR 30,000
Target amount to deduct = 20,000
Total Deductibles (Realistically to deduct) = 10,000
2023 Income Tax Rate ( Img: CIMB )
Use this as a guide to calculate on your own how much tax you’re paying with current income. Refer here for tax calculator.
Taxable income = [ Total income - Total deductibles]
= MYR 50,000 - MYR 10,000
= MYR 40,000
Prev tax bracket = <MYR 35,000 = MYR 600
Remaining = MYR 40,000 - MYR 35,000
= MYR 5,000
Total tax = Prev tax bracket + [ Remaining x Current tax bracket % ]
= MYR 600 + [ MYR 5,000 x 6% ]
= MYR 600 + MYR 300
= MYR 900