Part Il: ProbleHS 1. If the salary of an employee is 2,000 Birr and the tax Rate 15% and deduction = 142.50. Instruction: a. Calculate the income tax Income Tax (2,000 Birr x 15%)- 142.50 Birr= 157.50 Birr b. Record the payment of salary to the employee Salary expense 2000 Employment income tax 157.50 Cash 1842.5 C Record the payment of withholding tax to the tax authority Employment income tax 157.50 Cash 157.50 Assume that the revenue from Karamara Share Company is Br 2,000,000 during Tax Year ended Sene 30, 2012. Cost and Expense were Br 1,000,000 and Br S60,000, respectively. Determine the Taxable Business Profit and Compute the Business Profit Tax Liability of this Share Company. Mr. Ayub has a building that is available for rent The following are the details of the property let out He has let out for twelve months. Actual rent for a month is birr 2000, He paid 15% of the 2. 3. 1

Part Il: ProbleHS 1. If the salary of an employee is 2,000 Birr and the tax Rate 15% and deduction = 142.50. Instruction: a. Calculate the income tax Income Tax (2,000 Birr x 15%)- 142.50 Birr= 157.50 Birr b. Record the payment of salary to the employee Salary expense 2000 Employment income tax 157.50 Cash 1842.5 C Record the payment of withholding tax to the tax authority Employment income tax 157.50 Cash 157.50 Assume that the revenue from Karamara Share Company is Br 2,000,000 during Tax Year ended Sene 30, 2012. Cost and Expense were Br 1,000,000 and Br S60,000, respectively. Determine the Taxable Business Profit and Compute the Business Profit Tax Liability of this Share Company. Mr. Ayub has a building that is available for rent The following are the details of the property let out He has let out for twelve months. Actual rent for a month is birr 2000, He paid 15% of the 2. 3. 1

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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