Mr. Allen is a 65-year-old Jamaican tax resident. He is the director of a hotel, Allen’s Rest Well Resort. He has req
Mr. Allen is a 65-year-old Jamaican tax resident. He is the director of a hotel, Allen’s Rest Well Resort. He has requested that your firm assist with the preparation of his 2021 income tax computation. He provided you with the following information:
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a) Gross salary $7,000,000 per year.
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b) Asaretiredteacher,hereceivesamonthlypensionof$75,000fromthe
Accountant General. PAYE of $225,000 was deducted.
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c) He sold shares held in NCB for $200,000. Making a gain of $35,000.
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d) As part of his compensation, he receives a meal allowance of $6,000 per week.
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e) The company also pays his son school fees for $70,000 per term. (Assume three
terms)
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f) Income from the rental of his personal investment property was $1,500,000.
Expenses was $650,000. Capital allowance for this property was $180,000.
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g) He receives dividend of income of 127,500 (net) form investment held at JMMB.
$22,500 withheld at source.
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h) During the year he paid quarterly estimated tax totaling $80,000
Required
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List the filing and payment requirements including due dates that Mr. Allen should observe.
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