Partnerships Taxes Payable

• Green Fund Levy .3% on income earned.
• Profits are divided as per the partnership act or whatever agreement made by the said partners.
• Each partner is liable to pay:
  • Income Tax of 25% on the profit earned in the partnership.
  • And Health Surcharge which is $429 per year for 52 weeks and $437.25 per year for 53 weeks. (Only if your employee’s weekly income is more than $109).
  • Likewise, Business Levy which is .6% on income earned for the year.
  • They are paid every quarter on March 30th, June 30th, September 30th and December 31st.
• NOTE: If you work 8 to 4, you must combine the two incomes earned.