Submitted by: Submitted by troyo19
Views: 315
Words: 1054
Pages: 5
Category: World History
Date Submitted: 06/12/2012 07:45 AM
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 | | | | |
| | | | | |
| | | | | |
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 | | | | |
| | | | | |
Total Taxable Income | | | | | |
Employment | $ 167,750.00 | | | | |
Business | $ 14,820.00 | | | | |
Total Taxable Income | $ 182,570.00 | | | | |
| | | | | |
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 | | | | |
| | | | | |
Taxable Income | $ 137,270.00 | [182,570-45,300] | | | |
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Rental Income | | | | | |
Rental Income | $ 12,000.00 | [1200x10...