1* Q2nd Q3rd Q4th QGrossIncome 600,000740,000980,0001,450,000per QuarterDeductions per 280,000Quarter430,000| 610,000850,000W/tax at source 2,000per quarterInterest income - 40,000bank3,0001,00020,00010,00010,000Compensationincome200,000200,000200,000200,000W/taxcompensationon 5,000| 6,000| 6,0008,000What is the income tax due / payable of A per quarter?

It is the amount of tax a taxpayer is liable to pay on the taxable income earned. The tax liability…

1st Q Gross Income 600,000 per Quarter Deductions per 280,000 Quarter W/tax at source 2,000 per quarter Interest income - 40,000 bank Compensation income W/tax compensation 200,000 on 5,000 2nd Q 740,000 430,000 3,000 20,000 200,000 6,000 What is the income tax due / payable of A per quarter? 3rd Q 980,000 610,000 0 10,000 200,000 6,000 4th Q 1,450,000 850,000 1,000 10,000 200,000 8,000

1st Q Gross Income 600,000 per Quarter Deductions per 280,000 Quarter W/tax at source 2,000 per quarter Interest income - 40,000 bank Compensation income W/tax compensation 200,000 on 5,000 2nd Q 740,000 430,000 3,000 20,000 200,000 6,000 What is the income tax due / payable of A per quarter? 3rd Q 980,000 610,000 0 10,000 200,000 6,000 4th Q 1,450,000 850,000 1,000 10,000 200,000 8,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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