1. Steve works in an insurance office and in 2013 was provided with uniforms by her employer which cost $15,000. Which of the following tax treat of the uniform allowance is incorrect? A. Any amount exceeding $5739 is taxable at a rate of 25% B. She cannot claim uniform and laundry allowance C. The amount is added to her salary and taxed at 25% D. If the company provided uniform allowance, then it would regarded as a taxable benefit 2. Which of the following is false in describing a contract of service A. Individual can conduct business on his/her own account B.Tools, materials and work place are provided by the payer C. Individual is subject to the supervision, direction and control of another person D. Contract is a legally binding exclusive service agreement between the performer and payer. 3. What year was the tax threshold system established in Jamaica? A.1960 B.1986 C.1990 D.1953 4. Mr. Williams did a presentation explaining Adam Smith’s initial Canons of Taxation to his students. Which of the following would not be apart of the presentation? A. Canon of Certainty B. Canon of Economy C. Canon of Productivity D. Canon of Equality 5. Sheena is a citizen of Jamaica currently living and working in Canada. All of the following statements are applicable to her tax liability except: A. If she sends her income to Jamaica, she is liable to pay tax on the income. B. She would only pay taxation on her income in Canada and not liable to taxes in Jamaica. C. If she lives in Canada for a period of 183 days or more, she is liable to pay tax on her income in Canada. D. The double taxation agreement between Jamaica and Canada would provide tax relief on income. 6. In calculating capital gain/loss, Jeremy deducted allowable costs from net proceeds. Which of the following is not considered as an allowable cost? A. Original acquisition cost B. Advertising cost C.Insurance cost D. Repair cost 7. Emoluments refer to the salary and other benefits an individual receives as a result of being employed. All of the following are emoluments except: A. All annuities, pensions, superannuation or other allowances payable in respect of past services in any office or employment of profit. B. Salaries, wages, overtime pay C. Lump sum paid out of the Consolidated Fund D. Utilities and other benefits of employment in money, kind or otherwise
1. Steve works in an insurance office and in 2013 was provided with uniforms by her employer which cost $15,000. Which of the following tax treat of the uniform allowance is incorrect?
A. Any amount exceeding $5739 is taxable at a rate of 25%
B. She cannot claim uniform and laundry allowance
C. The amount is added to her salary and taxed at 25%
D. If the company provided uniform allowance, then it would regarded as a taxable benefit
2. Which of the following is false in describing a contract of service
A. Individual can conduct business on his/her own account
B.Tools, materials and work place are provided by the payer
C. Individual is subject to the supervision, direction and control of another person
D. Contract is a legally binding exclusive service agreement between the performer and payer.
3. What year was the tax threshold system established in Jamaica?
A.1960
B.1986
C.1990
D.1953
4. Mr. Williams did a presentation explaining Adam Smith’s initial Canons of Taxation to his students. Which of the following would not be apart of the presentation?
A. Canon of Certainty
B. Canon of Economy
C. Canon of Productivity
D. Canon of Equality
5. Sheena is a citizen of Jamaica currently living and working in Canada. All of the following statements are applicable to her tax liability except:
A. If she sends her income to Jamaica, she is liable to pay tax on the income.
B. She would only pay taxation on her income in Canada and not liable to taxes in Jamaica.
C. If she lives in Canada for a period of 183 days or more, she is liable to pay tax on her income in Canada.
D. The double taxation agreement between Jamaica and Canada would provide tax relief on income.
6. In calculating capital gain/loss, Jeremy deducted allowable costs from net proceeds. Which of the following is not considered as an allowable cost?
A. Original acquisition cost
B. Advertising cost
C.Insurance cost
D. Repair cost
7. Emoluments refer to the salary and other benefits an individual receives as a result of being employed. All of the following are emoluments except:
A. All annuities, pensions, superannuation or other allowances payable in respect of past services in any office or employment of profit.
B. Salaries, wages, overtime pay
C. Lump sum paid out of the Consolidated Fund
D. Utilities and other benefits of employment in money, kind or otherwise
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