1Ms. Berry is employed as an Accounts Manager in the Jamaican company ADM Limited. In 2022, she earned a monthly salary of $820,000.00. She also sits on the board of directors of FHC Company Limited where she receives director's fees of $7,500.00 per month (gross). The Board met for 10 months. She contributes 10% of her gross emoluments to the Superannuation Pension Plan. Under the Jamaican Labour Laws, every employee is expected to contribute 3% of their gross emoluments/ salaries up to a maximum of $5,000,000.00 p.a. for National Insurance. Ms. Berry's monthly statutory income is: a. $730,500 b. $812,500 с. $733,000 d. $737,250
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1Ms. Berry is employed as an
Ms. Berry's monthly statutory income is:
a. $730,500
b. $812,500
с. $733,000
d. $737,250
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Solved in 2 steps
- Ms. Berry is employed as an Accounts Manager in the Jamaican company ADM Limited. In 2022, she earned a monthly salary of $820,000.00. She also sits on the board of directors of FHC Company Limited where she receives director’s fees of $7,500.00 per month. She contributes 10% of her gross emoluments to the Superannuation Pension Plan. Under the Jamaican Labour Laws, every employee is expected to contribute 3% of their gross emoluments/ salaries up to a maximum of $3,000,000.00 p.a. Ms. Berry’s monthly statutory income is: a. $812,500 b. $820,000 c. $730,500 d. $737,250Ms. Berry is employed as an Accounts Manager in the Jamaican company ADM Limited. In 2022, she earned a monthly salary of $820,000.00. She also sits on the board of directors of FHC Company Limited where she receives director’s fees of $7,500.00 per month. She contributes 10% of her gross emoluments to the Superannuation Pension Plan. Under the Jamaican Labour Laws, every employee is expected to contribute 3% of their gross emoluments/ salaries up to a maximum of $3,000,000.00 p.a. Calculate Ms. Berry’s MONTHLY tax deduction under the PAYE system if the annual income tax threshold $1,500,096 p.a Persons with monthly income below$500,000 pay tax at 25% and those above pays tax at 30%.Ms. Berry is employed as an Accounts Manager in the Jamaican company ADM Limited. In 2022, she earned a monthly salary of $820,000.00. She also sits on the board of directors of FHC Company Limited where she receives director's fees of $7,500.00 per month. She contributes 10% of her gross emoluments to the Superannuation Pension Plan. Under the Jamaican Labour Laws, every employee is expected to contribute 3% of their gross emoluments/ salaries up to a maximum of $3,000,000.00 p.a. Calculate Ms. Berry's MONTHLY tax deduction under the PAYE system if the annual income tax threshold $1,500,096 p.a Persons with monthly income below$500,000 pay tax at 25% and those above pays tax at 30%. The monthly PAYE is: a.$162,748 b. $153,061 c.$164,923 d.$189,748
- Ms. Berry is employed as an Accounts Manager in the Jamaican company ADM Limited. In 2022, she earned a monthly salary of $820,000.00. She also sits on the board of directors of FHC Company Limited where she receives director's fees of $7,500.00 per month. She contributes 10% of her gross emoluments to the Superannuation Pension Plan. Under the Jamaican Labour Laws, every employee is expected to contribute 3% of their gross emoluments/ salaries up to a maximum of $3,000,000.00 p.a. Ms. Berry's monthly statutory income is: а.$730,500 b.$737,250 c.$820,000 d.$812,500William was the marketing director of a trading company which carries business in Hong Kong. He received an annual salary of HK$700,000 for the year ended 31 March 2022. In December 2021, William took a 10-days trip to Canada to visit his son who is now taking a full-time degree program in the University of Canada. He spent one afternoon to visit one of the major customers. He spent HK40,000 for the entire trip and his employer fully reimbursed him. During the period from 1 April 2021 to 30 September 2021, he and his family lived in a hotel of two rooms which was rented for HK$20,000 per month by his employer. Starting from 1 October 2021 he and his family lived in a flat which was rented by him for HK$25,000 per month and his employer only reimbursed him HK$24,000 per month. Documentary evidence had to be submitted for the reimbursement. During the year ended 31 Mach 2022, William made the following payment:- 1) Paid annual membership fee of HK$4,000 to Chartered Institute of…A. X (25 Yrs) is a salaried employee of a public sector company in Mumbai. He has submitted following details for the year ending 2020-21: Basic pay: Rs. 200,000; dearness pay: Rs.1,75,000 (40 percent for retirement benefits); HRA: Rs. 15,000; employer’s contribution to provident fund: Rs. 24,000; besides the employer provides him a car (1800CC) for official and private purpose. Employer has provided him a credit card for which his employer has paid bill of Rs. 200,000(50 percent is used for official purpose). His employer has also sold a music system for Rs.2000 to him (Cost of music system to employer when it was purchased in 2009 was Rs. 20,000). X owns a small house in Mumbai, use for self-occupation details of which are: municipal valuation: Rs.2,30,000; standard rent: Rs.2,50,000; during the previous year he paid interest of Rs. 20,000 on house loan taken in 2015. He also received interest from deposits in saving bank account Rs. 25,000 and dividend from an Indian company Rs.…
- Frederick Grant is employed by Jabex Ltd as an Engineer. He earns 270,000 per month as a gross salary. the company has an approval pension scheme to which he contributes 5 % of his salary. He also has a car loan payment of $25,000 per month. Calaulate Fredrick Grant income tax computation and net pay for the month April 2019A.For the previous year ending March 31,2021, A has submitted following details: Basic salary: *1,50,000; dearness allowance: ' 50,000 (40 percent is for retirement benefits); commission: *20,000; and children education allowance of Rs.7200. His employer contributes 20,000 p.m. to provident fund, matching contribution is made by A as well. His employer has also provided him rent free accommodation in Mumbai, lease rent of the property being 50,000. Assuming A is not a government employee. Determine his income chargeable under the head salary for the assessment year 2021-22. B.Perquisite is monetary or non-monetary payments made to an employee, discuss the provisions of section 17(2) in respect of perquisite. Discuss the valuation of following perquisites: Assets provided by employer; vehicle facility.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.…
- Allie started her new job in 2020. She received the following payments or benefits paid on her behalf by her employer. $84,000 in salary. $ 6,000 contribution to employer qualified pension plan for her. $ 9,250 contribution to her employer’s qualified health insurance plan for her. $ 8,400 in bonus for the year (paid in January 2021 for 2020) $7,500 Board of Director’s fee since she is a member of the company BOD. $ 800 for group term life insurance coverage of $50,000 $ 1,400 for a whole life insurance policy with a face value of $100,000 $ 2,200 for disability insurance premiums (no elections made) What is Allie’s gross income for 2020?Consider the following in answering the questions below: Nicanor, a forty-four-year-old loveless, is employed by ABC Corp. for the past thirty (30) years. Below are the compensation and other benefits he received from the company the year 2021. 13th Month Pay 100,000 De Minimis benefits 30,000 Statutory contributions (SSS, PHIC, etc) 20,000 Basic Salary per month 100,000 Monthly Representation Allowance 50,000 Monthly Transportation Allowance 50,000 Cost of Living Allowance 50,000 Fixed Housing Allowance 50,000 Commission 100,000 Profit-Sharing 100,000 Hazard Pay 50,000 Overtime Pay 100,000 In 2022, ABC Corp. suffered serious business reverses. The Company, to temper losses, offered retirement or separation benefits to employees. 62. How much is the total EXCLUSIONS FROM GROSS INCOME? A. Php 150,000 B. Php 140,000 C. Php 110,000 D. Php 90,000 63. How much is the total TAXABLE COMPENSATION? A.…Beth Campbell works for ZoneXX Inc. in York, Ontario. Beth is going to receive a $6,000.00 performance bonus on her next pay for meeting her previous year objectives. The bonus is the first Becca has received this year and will be paid on a separate cheque. Becca claims code 1 on her federal and provincial TD1s. Her regular bi-weekly salary is $1,650.00 and she has a group term life insurance non-cash taxable benefit of $12.50 per pay. She will not reach the annual maximums for CPP contributions or El premiums with this payment. Use this information to answer questions 3-7. Calculate Becca's CPP contribution. Answer: 876.70