6. Firdaus is a divorcee who is pursuing his PhD on part time basis. He buys a laptop computer at the beginning of the year to support his need for PhD that cost RM 3500. He has 2 children where one of them has lost one arm and both of them are studying at local university. His income and expenditure for the year 2016 were as follows: (RM) Monthly Salary 7500 Employees Provident Fund 11% of the monthly salary Books and Journals 1200 Zakat 800 Sport Equipment 1500 Broadband 110 per month Education fee 2000 per semester Approved Donations 1000 Calculate his tax payable for the year 2016.
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- Mr. Rizki is a private employee who is currently planning to buy a car to support mobility in his work. Currently Mr. Rizki has a savings of Rp. 80,000,000 and intends to buy a car for Rp. 216,168,000. Savings owned by Mr. Rizki will be used as a down payment in the purchase of the car and the rest will be paid on credit in the amount of Rp. 4,000,000 with an installment period of 48 months. What is the nominal and effective interest rate on the credit interest?Se Ri Pak, age 23, recently graduated with her bachelor’sdegree in library and information sciences. She is aboutto take her fi rst professional position as an archivist with a civil engineering fi rm in a rapidly expanding area in the U.S. Southwest. While in school, Se Ri worked part time,earning about $8000 per year. For the past two years, she has managed to put $1000 each year into an individual retirement account (IRA). Se Ri owes $15,000 in studentloans on which she is obliged now to begin makingpayments. Her new job will pay $45,000. Se Ri may beginparticipating in her employer’s 401(k) retirement planimmediately, and she can contribute up to 6 percent of her salary to the plan. Her employer will contribute 1/2 of 1 percent for every 1 percent that Se Ri contributes. Using time value of money considerations to project what her IRA might be worth at age 63?A professor has two daughters that he hopes will one day go to college. Currently, in-state students at the local University pay about $20,366.00 per year (all expenses included). Tuition will increase by 5.00% per year going forward. The professor's oldest daughter, Sam, will start college in 16 years, while his youngest daughter, Ellie, will begin in 18 years. The professor is saving for their college by putting money in a mutual fund that pays about 8.00% per year. Tuition payments are at the beginning of the year and college will take 4 years for each girl. (Sam's first tuition payment will be in exactly 16 years) The professor has no illusion that the state lottery funded scholarship will still be around for his girls, so how much does he need to deposit each year in this mutual fund to successfully put each daughter through college. (ASSUME that the money stays invested during college and the professor will make his last deposit in the account when Sam, the OLDEST daughter,…
- A professor has two daughters that he hopes will one day go to college. Currently, in-state students at the local University pay about $21,413.00 per year (all expenses included). Tuition will increase by 4.00% per year going forward. The professor's oldest daughter, Sam, will start college in 16 years, while his youngest daughter, Ellie, will begin in 18 years. The professor is saving for their college by putting money in a mutual fund that pays about 8.00% per year. Tuition payments are at the beginning of the year and college will take 4 years for each girl. (Sam's first tuition payment will be in exactly 16 years) The professor has no illusion that the state lottery funded scholarship will still be around for his girls, so how much does he need to deposit each year in this mutual fund to successfully put each daughter through college.Se Ri Pak, age 23, recently graduated with her bachelor's degree in library and information sciences. She is about to take her first professional position as an archivist with a civil engineering firm in a rapidly expanding area in the U.S. Southwest. While in school, Se Ri worked part time, earning about $8000 per year. For the past two years, she has managed to put $1000 each year into an individual retirement account (IRA), Se Ri owes $15,000 in student loans on which she is obliged now to begin making payments. Her new job will pay $45,000. Se Ri may begin participating in her employer's 401(k) retirement plan immediately, and she can contribute up to 6 percent of her salary to the plan. Her employer will contribute 1/2 of 1 percent for every 1 percent that Se Ri contributes. What do you recommend to Se Ri on the importance of personal finance regarding: 3. Factoring the current state of the economy into her personal financial planning?When Xian was born, his father Brian deposited a sum of money for the college education of Xian. Brian approximates that when Xian enrolls in college, the annual tuition fee will be about P200,000. So for the duration of his 4-year college course, Brian needs about P800,000. How much did he deposit semi-annually in a fund that earns interest at the rate of 5.5% compounded semi-annually?
- En. Ereeman is a father of four children and his wife is working as a clerk. They are resident in Malaysia for the basis year 2020. One of their sons is studying in a university and the other three are still in the secondary school. En. Ereeman still has both parent and he is the only child. Her wife’s parent passed away a few years ago. En. Ereeman paid for his parent’s medical expenses amounted RM10,000 last year. He also bought education takaful for his sons and paid premium of RM100 each son every month. En. Ereeman total income for the year of assessment 2020 was RM130,000. His wife’s total income was RM36,000. Their contribution to EPF in the basis year was RM14,300 (En. Ereeman) and RM3,960 (his wife). En. Ereeman paid RM15,000 for zakat on income and he saved RM8,000 in the SSPN scheme for his children. In 2020, he bought books and journals worth RM800, a personal computer worth RM3,000 in August and he paid internet subscription of RM150 per month. Both of them contributed…In 2020, JungKook earns RM 12,000 monthly. He has four children, and his wife is a housewife. He contributes 11% monthly to EPF from his gross salary and RM150 monthly for his life insurance, He paid RM200 monthly for his medical. He bought a new laptop for RM4000 for one of his children. His eldest child is studying in a university, his second child is handicapped in secondary school, his third child is in primary and his youngest is in kindergarten. Calculate his tax payable for the assessment year 2021.Mr Ramu is a chief operating office of the company and being paid a salary of RM15,625 per month. His percentage portion for Employees Provident Fund contribution is 17%. He intent to buy a car worth RM290,000 and would be making a bank loan of RM100,000 to finance building an extension for his house kitchen. He also plans to bring his wife (housewife) and four children (two studying in a local university and the rest in secondary school) for an overseas holiday trip with an estimate cost RM15,000. He also plans to have a servant and a driver where he would be paying them with an annual salary of RM15,000 and RM24,000 respectively. His company is willing to prepared to restructure his remuneration package to accommodate the above needs. REQUIRED: (a) Explain how Mr Ramu’s remuneration package can be restructure on a more tax efficient basis based on the above information only. ( b) Based on (a), which are item (s) in the proposed remuneration package is/are taxable or exempted. (c)…
- 3. Maryam has three family members, owns a house, two cars, and maintained a minimum of 10,000 in the bank for the lunar year. The family went for a skiing trip. There her son had an accident. The medical bill was RM10,000. The insurance has paid RM8,000. She has to pay RM2,000 as co-payment. She also have 950 gram gold. The current price of gold is RM150. Would she pay zakah? If so, how much? Note: Uruf of wearing gold 800 gram, The current value of Nisab is RM11,830.Miranda is a 10 years old at the time an amount of 20,000 Php was invested at a rate of 8.5% compounded quarterly and she wish to withdraw the money to use it on her 18th birthday. how many times is compounding done in a year? then how much money is available on her 18th birthday party?Tom and Ashley have a daughter, Janice, who is 19-years-old and attending college as asophomore at a local public university. Her parents have the following expense with relations toher college: •$20,000 for annual college tuition •$500 in required fees for attending courses •$8,500 for room and board Using the above information, you have been asked to calculate their best option for an education deduction or tax credit. Tom and Ashley, make $115,000 per year. Among the three options for education tax benefit, show calculations for which one would be the best for them and what is the deduction/credit?