Marcus Gravey, an Executive Manager at Sagicor Bank, receives a salary of $6,500,000.00 per annum and his employer provides him with a 2019 Toyota RAV4 which was purchased for $7.5million. It is estimated that Mr. Gravey's private use of the vehicle is 45%. Mr. Gravey contributes 10% of his annual salary to an approved pension scheme. For the year of assessment 2021 calculate the following for Mr. Gravey: 1. Statutory Income 2. NIS, NHT, Education Tax 3. Taxable Income 4. PAYE 5. Net Pay

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Question # 1
Marcus Gravey, an Executive Manager at Sagicor Bank, receives a salary of
$6,500,000.00 per annum and his employer provides him with a 2019 Toyota RAV4
which was purchased for $7.5million. It is estimated that Mr. Gravey's private use of the
vehicle is 45%. Mr. Gravey contributes 10% of his annual salary to an approved pension
scheme. For the year of assessment 2021 calculate the following for Mr. Gravey:
1. Statutory Income
2. NIS, NHT, Education Tax
3. Taxable Income
4. PAYE
5. Net Pay
Transcribed Image Text:Question # 1 Marcus Gravey, an Executive Manager at Sagicor Bank, receives a salary of $6,500,000.00 per annum and his employer provides him with a 2019 Toyota RAV4 which was purchased for $7.5million. It is estimated that Mr. Gravey's private use of the vehicle is 45%. Mr. Gravey contributes 10% of his annual salary to an approved pension scheme. For the year of assessment 2021 calculate the following for Mr. Gravey: 1. Statutory Income 2. NIS, NHT, Education Tax 3. Taxable Income 4. PAYE 5. Net Pay
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