Ms. Berry is employed as an Accounts Manager in the Jamaican company ADM Limited. In 2022, sheearned a monthly salary of $820,000.00. She also sits on the board of directors of FHC Company Limitedwhere she receives director’s fees of $7,500.00 per month. She contributes 10% of her grossemoluments to the Superannuation Pension Plan. Under the Jamaican Labour Laws, every employee isexpected to contribute 3% of their gross emoluments/ salaries up to a maximum of $5,000,000.00 p.a.Calculate Ms. Berry’s MONTHLY tax deduction under the PAYE system if the annual income taxthreshold $1,500,096 p.a Persons with monthly income below$500,000 pay tax at 25% and those abovepays tax at 30%.The monthly PAYE is:a. $189,748b. $162,748c. $153,061d. $164,923
Ms. Berry is employed as an
earned a monthly salary of $820,000.00. She also sits on the board of directors of FHC Company Limited
where she receives director’s fees of $7,500.00 per month. She contributes 10% of her gross
emoluments to the Superannuation Pension Plan. Under the Jamaican Labour Laws, every employee is
expected to contribute 3% of their gross emoluments/ salaries up to a maximum of $5,000,000.00 p.a.
Calculate Ms. Berry’s MONTHLY tax deduction under the PAYE system if the annual income tax
threshold $1,500,096 p.a Persons with monthly income below$500,000 pay tax at 25% and those above
pays tax at 30%.
The monthly PAYE is:
a. $189,748
b. $162,748
c. $153,061
d. $164,923
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