b) Puan Aina is currently a sales director of Gamuda Bina Sdn Bhd. She joined theinyear 2005. Puan Aina received the following are information in yearcompany2020:i.a monthly salary of RM25,000 andii.other benefits where company has agreed to pay his houseutilities expenses, his driver's and domestic help's salaries.On 15.11.2020, at the company's Annual Dinner, she received the following:iii.A gold bracelet costing RM5,500 for serving the company formore than 15 years, andiv.Letter of appreciation andCash gift of RM10,000 for successfully securing an importantV.contract for the company in October 2019. This award was made voluntarily by hisemployerDiscuss the tax treatment in respect of the above items received by Puan Aina fromthe company

Tax is a charge on taxable income. When-ever the income goes above the mentioned tax free income…

Answered: b) Puan Aina is currently a sales…

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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Shilpa tinot a director) receives a monthly salary of £3,500 from her employer, Larimar Ltd, where she is employed as a tax adviser. In addition, she received the following bonuses: Received: 31 May 2020 31 May 2021 Relates to: Larimar's profits for y/e 30 November 2019 Larimar's profits for y/e 30 November 2020 Bonus: £3,750 £4,375 Shilpa made the following payments in respect of her employment for the tax year 2020/21: Subscription to golf club solely for the use of entertaining clients Fees to CIOT (Chartered Institute of Tax) £ 1,200 450 Train ticket from home to normal place of work New suit for office Home telephone bill ti£40 business calls; £140 private; £20 line rental) 200 Calculate Shilpa's employment income for tax year 2020/21. 20 250
In 2019, Gucci Company paid the various household expenses of its vice president for operation, which are broken down as follows (refer to the data below). The vice president for operation receives an annual salary of Php. 300,000 and fixed representation and travel allowance of Php. 50,000 per month in addition to the above mentioned household expenses. COMPUTE FOR THE TOTAL ACTUAL MONETARY VALUE
The income statements for Federer Sports Apparel for 2022 and 2021 are presented below. Required: Prepare a horizontal analysis for 2022 using 2021 as the base year. (Decreases should be indicated with a minus sign. Round your percentage answers to 1 decimal place.) FEDERER SPORTS APPAREL Income Statement For the Years Ended December 31 Year Increase (Decrease) 2022 2021 Amount Net sales 18,600,000 $ 15,300,000 Cost of goods sold 13,280,400 6,885,000 Gross profit 5,319,600 8,415,000 Operating expenses 1,543,800 1,147,500 Depreciation expense 948,600 948,600 Inventory write-down 167,400 Loss (litigation) 1,450,800 321,300 Income before tax 1,209,000 5,997,600 409,200 1,943,100 Income tax expense Net income 799,800 $ 4,054,500 $
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SUE WAS CONSIDERING STARTING A NEW BUSINESS. DURING HER PRELIMINARY INVESTIGATION RELATED TO THE NEW VENTURE, SHE INCURRED THE FOLLOWING EXPENDITURES: SALARIES $21,000 TRAVEL 19,000 INTEREST 3,000 PROFESSIONAL FEES 12,500 SUE BEGINS THE BUSINESS ON MAY 1, 2018 AND ELECTS § 195 TREATMENT FOR HER STARTUP EXPENDITURES. WHAT IS HER TOTAL AMORTIZATION DEDUCTION FOR STARTUP EXEXPENDITURES IN 2018?
Mr. Joplin sells a line of computer software for a company in Western Canada. In 2023, he was paid a base salary of $56,000 and received sales commissions of $88,200. He did not receive an allowance, nor was he reimbursed by his employer for any of his expenses. During the year, Mr. Joplin has the following employment-related expenses. View the expenses. View the additional information. Required Determine Mr. Joplin's employment income for 2023. Ignore all GST/HST and PST implications. k First, calculate the deductible CCA on the automobile used by Mr. Joplin. Enter the employment-related usage proportion as a percentage. Full capital cost allowance Employment-related usage proportion Deductible CCA on automobile Expenses Airline tickets Office supplies and shipping expenses Purchase of laptop computer Client entertainment Cost of new automobile (not zero-emission) Operating expenses of automobile $ 2,380 420 2,095 1,770 47,000 10,700 C X Additional Information Assume that $390 of the…
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Mr. Raya earns purely compensation income for the year 2021 with an annual basic salary of Php480,000.00 and other compensation received as follows:Holiday, OT and Night Differential Pay – Php56,091.95Sick leave conversion (3 leave credits) – Php5,517.24Government Mandatory Contributions – Php21,900.00 a. How much is the total non-taxable income for the year 2021? b. How much is the total taxable income for the year 2021? c. How much is the income tax due for the year 2021?

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