Let's say I make 500,000 a year, of which 20,000 a month is rental reimbursment.
My questions is simple, how much do I pay in tax for that year? Could someone please help me here?
As I understand, I can deduct the rental reimbursment from my salary. Then my yearly income becomes 500,000 - 12*20,000 = 260,000. Is this right, and how do I calculate my tax from that?
I am single, no kids. Basically I don't think I can make any further deductions, there aren't that many anyway.
Thanks a million!