Versions: 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28. 000 FXUS62 KKEY 171823 AFDKEY Area Forecast Discussion National Weather Service Key West FL 223 PM EDT WED AUG 17 2016 .DISCUSSION... .CURRENTLY... Skies are partly cloudy with temperatures ranging from the upper 80s to near 90 degrees along the Florida Keys.
The IRS treats a per diem payment as a reimbursement for business expenses. As such, the amount is not taxable income, as long as the per diem does not exceed the actual expenses incurred. Employees are expected by IRS rules to keep track of itemized expenses and return any excess per diem payment to the employer, otherwise the excess is reported as wages on the W-2, and taxed as income.
Income tax is calculated based on the gross salary minus the individual tax relief (RM 9,000 per year) and monthly EPF contribution made by the employee (limited to RM 6,000 per year).. 19% to 16% for the taxable income group of RM 50,001 to RM 70,000 which will result in a tax savings of RM 600. c. 24% to 21% for the taxable income group of RM 70,001 to RM 100,000 which will result in a tax savings of RM 900. 2.