He was in Montego Bay on special assignment for 3 days and spent an average of $20,000 per day, which he paid using the company's credit card. He gets a housing allowance of $60,000 monthly. Required Compute his gross emoluments for the month of July. State your assumptions for the computation.
He was in Montego Bay on special assignment for 3 days and spent an average of $20,000 per day, which he paid using the company's credit card. He gets a housing allowance of $60,000 monthly. Required Compute his gross emoluments for the month of July. State your assumptions for the computation.
Chapter18: Accounting Periods And Methods
Section: Chapter Questions
Problem 30CE: LO.2 In 2019, Chaya Corporation, an accrual basis, calendar year taxpayer, provided services to...
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Transcribed Image Text:John Paul Smith, an insurance executive receives a salary of $500,000
monthly; and earned a commission of $750,000 in July 2021. He has a
3 year old car which the company provided him. The car cost the
companyover $1,500,000. Private usage is 30%.
Motor Vehicles: Annual Taxable Benefit
Page 4 ofS
Age of Motor
Vehicle
Age of Motor
Vehicle
the Motor Up to 5 years
Old
$90000
$1,500,000 ($100,000)
$120,000 (
$1,500,000 $140,000)
Original
Cost of
Over 5 Years
Old
$72,000
Vehicle
Up to
(S80,000)
$98,000
($100,000)
Over
He was in Montego Bay on special assignment for 3 days and spent an
average of $20,000 per day, which he paid using the company's credit
card. He gets a housing allowance of $60,000 monthly.
Required
Compute his gross emoluments for the month of July.
State your assumptions for the computation.
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