1. Country Income Tax Acts Section # List of Items in emoluments Trinidad and Tobago Barbados Guyana St. Vincent and the Grenadines Antigua and Barbuda St. Lucia St. Kitts and Nevis Bermuda Anguilla Jamaica Aruba Martinique For the countries listed in the table above, search the respective Income Tax Acts and identify the sections that deal with emoluments. List the items that should be included in the emoluments as determined by the respective Acts. 2. Peter Small is an Accountant at Jumbo Products Ltd. (Jumbo). He receives an annual salary of $1,080,000. Although Peter does not require a cellular phone to effectively perform his duties, his employer provides him with one and agrees to pay a maximum bill of $30,000 per year. For the year, Peter’s cellular phone bill totals $38,100. He receives $4,500 per month for entertainment. He drives a car owned by Jumbo which was purchased three years ago at a cost of $1,600,000. Peter’s private usage of the car outweighs his business usage. Jumbo pays Peter’s landlord, an unconnected person, $33,000 per month for rental. In order to prepare Financial Statements for the previous month, Peter works overtime during the 2nd week of each month. He uses one meal ticket valuing $200 to purchase supper each evening. He also uses one meal ticket valuing $300 to purchase lunch on each working day of the month. a) Calculate Peter Small’s gross taxable emoluments for the year 2013 b)
1.
|
Country |
Income Tax Acts Section # |
List of Items in emoluments |
|
Trinidad and Tobago |
|
|
|
Barbados |
|
|
|
Guyana |
|
|
|
St. Vincent and the Grenadines |
|
|
|
Antigua and Barbuda |
|
|
|
St. Lucia |
|
|
|
St. Kitts and Nevis |
|
|
|
Bermuda |
|
|
|
Anguilla |
|
|
|
Jamaica |
|
|
|
Aruba |
|
|
|
Martinique |
|
|
For the countries listed in the table above, search the respective Income Tax Acts and identify the sections that deal with emoluments. List the items that should be included in the emoluments as determined by the respective Acts.
2.
Peter Small is an Accountant at Jumbo Products Ltd. (Jumbo). He receives an annual salary of $1,080,000. Although Peter does not require a cellular phone to effectively perform his duties, his employer provides him with one and agrees to pay a maximum bill of $30,000 per year. For the year, Peter’s cellular phone bill totals $38,100. He receives $4,500 per month for entertainment. He drives a car owned by Jumbo which was purchased three years ago at a cost of $1,600,000. Peter’s private usage of the car outweighs his business usage. Jumbo pays Peter’s landlord, an unconnected person, $33,000 per month for rental. In order to prepare Financial Statements for the previous month, Peter works overtime during the 2nd week of each month. He uses one meal ticket valuing $200 to purchase supper each evening. He also uses one meal ticket valuing $300 to purchase lunch on each working day of the month.
a) Calculate Peter Small’s gross taxable emoluments for the year 2013
b)
Step by step
Solved in 2 steps
