Jamal received a salary of £47,000 (PAYE deducted in year £5,000) and £10,000 deposits interest in the bank for the tax year.   What is tax payable for the year?       Ragad uses her own vehicle to complete in the company. During the taxable year she derived 100,000 km and the company paid for her £0.70 per km.   Instruction: Calculate the total Allowable deduction in her income for the tax year, if the statutory approved allowance as the following: 0km-10,000km £0.20 10,001km – 15,000km £0.37 15,001km – 25,000km £0.50 25,001km and more £0.8

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Tax Deferred Retirement Benefits

It stands for Simplified Employee Pension Individual Retirement Account. This savings plan is for self-employed persons such as independent contractors, freelancers, entrepreneurs, etc. The tax rules of SEP IRA are the same as traditional IRA. Entrepreneurs can also open SEP IRA accounts for their employees and gain a tax advantage. The employees cannot make contributions to these accounts by themselves however they will be taxed upon withdrawal.