One of the most important parameter in the calculation of wages is the income brackets and the tax rates applied to them. Withholding tax amount on the wages is calculated by taking into consideration the cumulative income tax base and the below rates which is determined for every year.
The new taxable income brackets and the tax rates to be applied in 2018 issued in Official Gazette duplicate number 30285, dated 29 December 2017 are shown below:
|TAXABLE INCOME BRACKETS|
|Up to 14.800 TRY||15%|
|For the 14.800 TRY of 34.000 TRY the tax is 2.220 TRY, in excess||20%|
|For the 34.000 TRY of 120.000 TRY the tax is 6.060 TRY, in excess||27%|
|For the 120.000 TRY of income over 120.000 TRY the tax is 29.280 TL, in excess||35%|