QUESTION ONEMr Stephen Ncube is a resident of Zambia. The following detail relateto his employment in the tax period ended 31 July 2020.SalaryBonusCost of living allowanceRefund from medical aid societyCell phone allowanceCash in lieu of leaveExpensesDoctor's consultation feesContribution to retirement annuity fundContribution to medical aidContribution to medical pension fundAdditional information provided by the employerZMW240 00052 00016 00060008 000000418 00030 00036 00039 000RequirementsCalculate Stephen Ncube's tax liability for the year ended 31 December 2020.1. The employer provided him with a well-furnished company house in April, however,according to the Rentals Board, market related rentals for the house was 6 000 ZMW permonth. According to the employer the upkeep of the house was 2 000 ZMW per month.Stephen paid 2 500ZMW per month to his employer.2. In March the employer provided him with the free use of a car with an engine capacity 3200 cc. However, the motor vehicle was used 80% for private use during the tax year.3. The employer provided him with a loan of 100,000 ZMW at 4% interest to complete hishouse in Avondale during the tax period. The official interest was 6,5 % during the sametax year.14. According to the employer the cell phone was used 40% for the employer's businessduring the year.5. On 31 July 2020 the employer sold him the car he had been using the year for 30,000ZMW, the market value of the car was 70,000 ZMW.

In Zambia income tax rules and regulations are governed by Zambia Revenue Authority[ZRA]…

Answered: Stephen his amule resident 2012. morind…

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

Chapter12: Liabilities: Off-balance-sheet Financing, Retirement Benefits, And Income Taxes

Section: Chapter Questions

Problem 21E

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QUESTION ONE Mr Stephen Ncube is a resident of Zambia. The following detail relate to his employment in the tax period ended 31 July 2020. ZMW Salary 240 000 Bonus 52 000 Cost of living allowance 16 000 Refund from medical aid society 6 000 Cell phone allowance 8 000 Cash in lieu of leave 4 000 ExpensesDoctor's consultation fees 18 000 Contribution to retirement annuity fund 30 000 Contribution to medical aid 36 000 Contribution to medical pension fund 39 000 Additional information provided by the employer 1. The employer provided him with a well-furnished company house in April, however, according to the Rentals Board, market related rentals for the house was 6 000 ZMW per month. According to the employer the upkeep of the house was 2 000 ZMW per month. Stephen paid 2 500ZMW per month to his employer.2. In March the employer provided him with the free use of a car with an engine capacity 3 200 cc. However, the motor vehicle was used 80% for private use during the tax…
Mr Stephen Ncube is a resident of Zambia. The following detail relate to his employment in the tax period ended 31 July 2020. ZMW Salary 240 000 Bonus 52 000 Cost of living allowance 16 000 Refund from medical aid society 6 000 Cell phone allowance 8 000 Cash in lieu of leave 4 000 Expenses Doctor's consultation fees 18 000 Contribution to retirement annuity fund 30 000 Contribution to medical aid 36 000 Contribution to medical pension fund 39 000 Additional information provided by the employer 1. The employer provided him with a well-furnished company house in April, however, according to the Rentals Board, market related rentals for the house was 6 000 ZMW per month. According to the employer the upkeep of the house was 2 000 ZMW per month. Stephen paid 2 500ZMW per month to his employer. 2.…
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Stephen his amule resident 2012. morind anded 21 1