FAQs

How Do I Calculate My Income Tax?

As your employer, IC calculates and withholds income tax from your salary on a monthly basis. Calculations are based on tables issued by the Income Tax Department. These tables take into account your marital status and your gross pay:

  1. Add together all your earnings except the transportation allowance.
  2. Select the appropriate rebate, from table I below, according to your family status.
  3. Deduct the family rebate from your gross earnings to obtain the taxable salary.
  4. Use Table II, below, to split your taxable salary across earning brackets.
  5. In each salary range, multiply the tax percentage by the corresponding taxable portion of the salary to get the bracket tax.
  6. Add up all the bracket taxes and you obtain your monthly income tax.

If you're working for more than one employer, each employer has to withhold income tax from your salary. However, it's your responsibility every year to declare your total revenues to the Income Tax Department.

Example
Male instructor, married with 2 children, wife employed
According to Table I and Table II:

  1. The rebate is 8,500,000.
  2. The taxable income is: 23,400,000 – 8,500,000 = 17,900,000.
  3.  2% on first 6,000,000 = 120,000.
  4. The next taxable portion is: 17,900,000 - 6,000,000 = 11,900,000.
  5. 4% on next 9,000,000 = 360,000.
  6. The next taxable portion is: 11,900,000 - 9,000,000 = 2,900,000.
  7. 7% on next 2,900,000 = 203,000.
  8. The yearly income tax is then 120,000 + 360,000 + 203,000 = 683,000.
  9. The monthly income tax is then 683,000 / 12 = 57,000.

How Do I Pay Income Tax If I Have A Second Employment?

The College is required to withhold monthly contributions from employees’ salaries as instructed in the Income Tax law. However, if you have a second employment outside IC, it is your responsibility to declare your total annual revenues for the previous year to the Ministry of Finance, Income Tax Department, before May 1st.

What Is Teachers' Tax And How Should I Pay It?

The College withholds teachers' tax from your salary on a monthly basis and matches your contributions to the Teachers' Caisse.

What Is Social Security Tax?

Social Security tax is 2%, of your monthly salary, up to 50,000 L.L. The College withholds the tax from your salary and pays it to Social Security.

Upcoming Events

  • October 2017
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  • November 2017
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  • December 2017
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Annoucements

Posted 01/29/2015 08:34AM
Posted 12/18/2014 01:56PM

Beirut, Lebanon

International College
P.O. Box 113-5373 Hamra
Bliss Street
Beirut, Lebanon
Tel/Fax: 961-1-362-500/1
ICLB@ic.edu.lb

New York, USA

International College
215 Park Avenue South, Suite 1710
New York, NY 10003, USA
Tel: 1-212-529-3005
Fax: 1-213-529-8525
ICNY@ic.edu.lb

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