8. How much is C’s adjusted expenses in relation to Ryo’s hair styling services on December 31, 2022?
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5. 137,500
6. 112,500
7. 28,500
8. How much is C’s adjusted expenses in relation to Ryo’s hair styling services on December 31, 2022?
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- Prakash, an engineer, who earns a monthly salary of RM8,000, was transferred to Kuala Lumpur with effect from 1 January 2020. As his accommodation was not ready, he stayed at a hotel up to 28 February 2020 where the room rate was RM200 per day. Subsequently, he moved into a fully furnished bungalow which he shared with another engineer. The company paid a monthly rental of RM10,000 for the house which included RM4,000 for the furniture. Required: Compute Prakash’s gross employment income for YA 2020.In August 2021, Maxine found employment as a consultant for a small sustainability firm in Warrnambool. The contract includes an annual salary, which $62,000 plus superannuation has been received in the 2022 income tax year. Maxine was required to purchase wet weather gear and other protective clothing at her own expense, totalling $660. Her employer reimbursed her for the total amount and also provided her with a hand-held radio transceiver (cost $270) and tablet computer (cost $1,599 plus case $210) for whilst she is on site visits. Explain the income tax and FBT implications of the remuneration package she is receiving from her employer, from both the employee and employer’s perspective.Allan’s employer purchased a car in March 2019 at a cost of $44,000 GST inclusive and provided the car to Allan on 1 July 2019. Allan garages the car at his home each night from 1 July 2019 to 31 March 2020, excluding the month of December 2019. Allan travelled 40,000 kilometres in the car during the year, and the odometer and logbook records show that 20,000 kilometres were for business purposes and 20,000 kilometres were for private purposes. The operating costs of the car (not including deemed depreciation and deemed interest) were $9,000 (GST inclusive). Allan did not make any contribution but provided all the necessary documents for his employer to calculate his FBT liability. Question Assuming the employer elects to use the operating cost basis, explain and calculate the taxable value of the car fringe benefit and the FBT consequences for Allan’s employer.
- Thabitha works for Lobatse Clayworks Limited, a company that specializes in manufacturing ceramic products as well as special heat resistant face bricks used mainly in industrial processes. During the financial year ended 31 December 2022, she received amounts as shown below: A company vehicle for private use with a value of P480,000 with annual running costs of P18,000 paid by the company Tickets and booking to the value of P15,000 to go on her annual holiday as part of her condition of employment. Received free meals for P7,500 during the year from the company canteen Refund of P5,000 for medical expenses from Pula Medical Aid Society, her medical aid provider Dividends of P12,550 for shares held in a local company. Won a Jackpot of P50,500 from Cumberland Casino Share option offer from employer of 10,800 shares in the company at a price of P1.80 each, the current market price of the shares is P2.30 each Received a subsidy of P125,000 from government programme for Horticultural…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.Mr. Jonsson is a salesperson handling a line of computer software throughout Western Canada. During 2021, he is paid a salary of $25,500 and receives sales commissions of $47,300. He does not receive an allowance, nor is he reimbursed by his employer for any of his expenses. During the year, Mr. Jonsson made the following employment-related expenditures. Airline Tickets $2,390 Office Supplies And Shipping Costs 385 Purchase Of Laptop Computer 2,095 Client Entertainment 1,780 Cost Of New Car 24,200 Operating Costs Of Car 6,600 Determine Mr. Jonsson's employment income for the 2021 taxation year. Ignore all GST/HST and PST implications.
- In 2018, Malakas M. Henyo, the CEO of the Philippines Nuclear Fusion Corporation, earned compensation income of P4,000,500. This amount is inclusive of his 13th month pay and other benefits of P250,000, but net of the mandatory contributed to SSS and Philhealth. Aside from his employment, he also owns a cafeteria. In 2018, the cafeteria had gross sales of P1,500,000, cost of sales of P500,000 and operating expenses of P300,000. It also had non-operating income of P700,000. Compute his income tax due for 2018 if he avails of the 8% income tax rate option on his gross sales plus non-operating income arising from his cafeteria business. P1,277,360 P1,257,360 P1,101,360 P1,734,430In 2018, Malakas M. Henyo, the CEO of the Philippines Nuclear Fusion Corporation, earned compensation income of P4,000,500. This amount is inclusive of his 13th month pay and other benefits of P250,000, but net of the mandatory contributed to SSS and Philhealth. Aside from his employment, he also owns a cafeteria. In 2018, the cafeteria had gross sales of P1,500,000, cost of sales of P500,000 and operating expenses of P300,000. It also had non-operating income of P700,000. What would be Malakas’s total income tax due if he did not avail of the 8% income tax rate on gross sales plus non-operating income arising from his business? Group of choices P696,969 P1,650,920 P1,549,360 P1,202,340Nicanor was employed by ABC Corp. from April 1, 2020. He receives basic pay of Php 20,000 per month as compensation. During annualization of compensation in November, it was determined that he will also receive the following: Additional compensation allowance – Php 5,000 Cash gift – Php 5,000 Christmas bonus – Php 5,000 Loyalty award – Php 5,000 Performance bonus/productivity incentive – Php 10,000 How much is the 13th month pay?
- Mr. Abdul Karim is a senior officer of a company. His service started on 01 July 2019. His salary scale is 90,000-2500- 1,20,000. His date of yearly increment is 01 September. From then he received the following income: He has been provided with accommodation by the company; the annual rental value of the house is Tk. 2,20,000; Full-time car for 24 hours for his own family use. The company has also paid Tk. 1,12,000 to him during the year being the reimbursement of various utility bills of his house; Out of generosity, the company paid him tk. 2,00,000 for his overseas travels with his family during the year; he has contributed 15% of her basic salary to an unrecognized provident fund. His employer also contributed the same amount. Interest on the said fund @ 18% is Tk. 1,800 during the period: During the year he has claimed investment allowance for Purchase of shares of unlisted companies Tk. 25,000; Purchase of government treasury bond Tk. 25,000; Insurance premium Tk.20,000 (Policy…On 1st July 2021, Fred was appointed as a musician in an international hotel chain earning £18,000 as a basic annual salary. In addition, he received a monthly commission of £250 for evening performances during the 2021/22 tax year. He received a diesel car worth £28,000 with CO2 emissions of 157g/km from his employer. His employer contributed £250 towards his fuel expenses each month he had the car. He was pleased to be provided with a work mobile, paid for by his employer, worth £599, and his employer paid for his annual eye test at the opticians. Calculate for Fred the correct amount of employment remuneration that he should include on his tax return for 2021/22. [Only remuneration, not taxation on it.]On 1st July 2021, Fred was appointed as a musician in an international hotel chain earning £18,000 as a basic annual salary. In addition, he received a monthly commission of £250 for evening performances during the 2021/22 tax year. He received a diesel car worth £28,000 with CO2 emissions of 157g/km from his employer. His employer contributed £250 towards his fuel expenses each month he had the car. He was pleased to be provided with a work mobile, paid for by his employer, worth £599, and his employer paid for his annual eye test at the opticians. Fred recently invested a legacy on the London Stock Exchange, earning dividends of £2,440. He also holds a cash ISA which earned £645 interest. If Fred also had savings that were not in an ISA, how would interest on this be taxed? What rate of tax would he pay on it?