Ok World War Time

April/May 2011 |

Question 1 | | | | | |

Employment Income | $ | | | | |

Salary | $ 120,000.00 | | | | |

Bonus | $ 17,500.00 | | | | |

Car Benefit | $ 9,000.00 | [10%x9/12x120,000] | | | |

Less:Running expenses | $ (2,000.00) | | | | |

Housing | $ 14,400.00 | | | | |

Mobile | $ 1,750.00 | [35%x5000] | | | |

Golf Club Membership | $ 800.00 | | | | |

Personal Calls | $ 300.00 | [60x5] | | | |

Director's Fees | $ 6,000.00 | | | | |

Employment Income tax payable | $ 167,750.00 | | | | |

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Business Income | | | | | |

Revenue | $ 24,000.00 | | | | |

Less Expenses: | | | | | |

Labour | $ 4,000.00 | | | | |

Stationery | $ 1,200.00 | | | | |

Advertising | $ 300.00 | | | | |

Training | $ 480.00 | | | | |

Bread business | $ 3,200.00 | | | | |

Business Income Tax payable | $ 14,820.00 | | | | |

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Total Taxable Income | | | | | |

Employment | $ 167,750.00 | | | | |

Business | $ 14,820.00 | | | | |

Total Taxable Income | $ 182,570.00 | | | | |

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Allowances/Deductions | | | | | |

Personal Allowance | $ 25,000.00 | [always take out] | | | |

Dependent Spouse Allowance | $ 3,000.00 | | | | |

Child Allowance (2 children) | $ 2,000.00 | | | | |

Donation-Covenant | $ 1,500.00 | | | | |

Home Allowance | $ 10,000.00 | [max allowance] | | | |

Credit Union Investment | $ 3,800.00 | | | | |

Total Deductions | $ 45,300.00 | | | | |

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Taxable Income | $ 137,270.00 | [182,570-45,300] | | | |

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Rental Income | | | | | |

Rental Income | $ 12,000.00 | [1200x10...