Andile, 77 years of age, is a Senior Manager at Blue V, a small-medium sized manufacturing company in the center of Durban. He earns a monthly salary of R32 500 until 31 December 2023, when he decided to retire due to health complications. Andile also received monthly local interest R1 250 from his investment and R70 000 gross dividends from a foreign company. Andile also received R1 000 monthly commission until 31 December 2023 and R 13 500 once-off bonus from his employer up on retirement. Andile also received R3.000 quarterly local dividends Required calculate taxable income for this emlloyee for the year ended 29 February 2024. Using a basic formulaforr calculationoff income tax Table

Andile, 77 years of age, is a Senior Manager at Blue V, a small-medium sized manufacturing company in the center of Durban. He earns a monthly salary of R32 500 until 31 December 2023, when he decided to retire due to health complications. Andile also received monthly local interest R1 250 from his investment and R70 000 gross dividends from a foreign company. Andile also received R1 000 monthly commission until 31 December 2023 and R 13 500 once-off bonus from his employer up on retirement. Andile also received R3.000 quarterly local dividends Required calculate taxable income for this emlloyee for the year ended 29 February 2024. Using a basic formulaforr calculationoff income tax Table

SWFT Essntl Tax Individ/Bus Entities 2020

23rd Edition

ISBN:9780357391266

Author:Nellen

Publisher:Nellen

Chapter10: Individuals: Income, Deductions, And Credits

Section: Chapter Questions

Problem 16P

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Ms. Berry is employed as an Accounts Manager in the Jamaican company ADM Limited. In 2022, she earned a monthly salary of $820,000.00. She also sits on the board of directors of FHC Company Limited where she receives director’s fees of $7,500.00 per month. She contributes 10% of her gross emoluments to the Superannuation Pension Plan. Under the Jamaican Labour Laws, every employee is expected to contribute 3% of their gross emoluments/ salaries up to a maximum of $3,000,000.00 p.a. Ms. Berry’s monthly statutory income is: a. $812,500 b. $820,000 c. $730,500 d. $737,250
Ms. Berry is employed as an Accounts Manager in the Jamaican company ADM Limited. In 2022, she earned a monthly salary of $820,000.00. She also sits on the board of directors of FHC Company Limited where she receives director’s fees of $7,500.00 per month. She contributes 10% of her gross emoluments to the Superannuation Pension Plan. Under the Jamaican Labour Laws, every employee is expected to contribute 3% of their gross emoluments/ salaries up to a maximum of $3,000,000.00 p.a. Calculate Ms. Berry’s MONTHLY tax deduction under the PAYE system if the annual income tax threshold $1,500,096 p.a Persons with monthly income below$500,000 pay tax at 25% and those above pays tax at 30%.
Ms. Berry is employed as an Accounts Manager in the Jamaican company ADM Limited. In 2022, she earned a monthly salary of $820,000.00. She also sits on the board of directors of FHC Company Limited where she receives director's fees of $7,500.00 per month. She contributes 10% of her gross emoluments to the Superannuation Pension Plan. Under the Jamaican Labour Laws, every employee is expected to contribute 3% of their gross emoluments/ salaries up to a maximum of $3,000,000.00 p.a. Ms. Berry's monthly statutory income is: а.$730,500 b.$737,250 c.$820,000 d.$812,500
Ms. Berry is employed as an Accounts Manager in the Jamaican company ADM Limited. In 2022, she earned a monthly salary of $820,000.00. She also sits on the board of directors of FHC Company Limited where she receives director's fees of $7,500.00 per month. She contributes 10% of her gross emoluments to the Superannuation Pension Plan. Under the Jamaican Labour Laws, every employee is expected to contribute 3% of their gross emoluments/ salaries up to a maximum of $3,000,000.00 p.a. Calculate Ms. Berry's MONTHLY tax deduction under the PAYE system if the annual income tax threshold $1,500,096 p.a Persons with monthly income below$500,000 pay tax at 25% and those above pays tax at 30%. The monthly PAYE is: a.$162,748 b. $153,061 c.$164,923 d.$189,748
Thomas Green, of Laramie, Wyoming, has been a retail salesclerk for six years. At age 35, he is divorced with one child, Amanda, age 7. Thomas' salary is $46,000 per year. He regularly receives $500 per month for child support from Amanda's mother. Thomas invests $100 each month ($50 in his mutual fund and $50 in U.S. savings bonds). ASSETS Amount Vested retirement benefits(no employee contribution) $ 6,000 Money market account (includes $150 of interest earned last year) 5,000 Mutual fund (includes $200 of reinvested dividend income from last year) 5,000 Checking account 1,000 Personal property 4,000 Automobile 11,500 U.S. savings bonds 3,500 LIABILITIES Outstanding Balance Dental bill (pays $25 per month and is included in uninsured medical/dental) $ 450 Visa (pays $100 per month) 3,500 Student loan (pays $100 per month) 6,500 ANNUAL FIXED EXPENSES Amount Auto insurance $ 780 Rent 12,000 Uninsured medical/dental 1,000 Federal income…
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Mr Smart is works as a manager of an international company in Kajang, Selangor. Upon attaining the age of 55 years, Mr Smart retired on 30 September 2020, after having worked for 32 years with his one and only employer. During the year 2020, his income and benefits from this employment were:( as attached in the picture ) In January 2020, his son was warded in a private hospital for serious illness while vacationing in Tokyo. His son medical expense amounting to RM4,100 is paid by Mr. Smart company. During the nine months prior to his retirement, Mr Smart was provided with a company car which his employer had acquired as a new car two years earlier at a price of RM85,000. Free fuel was provided to him by his employer. Required: Compute statutory income of Mr. Smart for the YA 2020.
Nelson Nilam is a 74 year old resident of the Republic who works in the motor industry. He has been married in community of property to Dinky Magubane (aged 60) for 15 years. Nelson has the following income and expenses for the 2022 year of assessment: Income Salary R 25 000 pm Bonus 10% of gross salary Interest local R 80 000 pa Dividends- (listed SA company) R 15 000 Foreign- Dividends (From a listed company) R3 000 pa Foreign- Interest R5 000 Rental Income (derived from garden cottage) R 10 000 pm Expenses Maintenance to rental property R 30 000 pa He belongs to a medical aid fund to which he contributed R3 000 per month to during the year of assessment and he had medical expenses of R23 500, which were not covered by the medical aid fund. His employer also deducts employees' tax of R12 785 and he paid R20 200 provisional tax for the 2022 year of assessment. Dinky Magubane Income and expenses for the 2022 year of assessment: Salary R 18 000 pm Income from Tax Free Investments R4 600…
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