Ms. Berry is employed as an Accounts Manager in the Jamaican company ADM Limited. In 2022, she 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 (gross). The Board met for 10 months. 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. for National Insurance. Ms. Berry’s monthly statutory income is: Question 33Answer a. $730,500 b. $733,000 c. $737,250 d. $812,500
Ms. Berry is employed as an Accounts Manager in the Jamaican company ADM Limited. In 2022, she 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 (gross). The Board met for 10 months. 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. for National Insurance. Ms. Berry’s monthly statutory income is: Question 33Answer a. $730,500 b. $733,000 c. $737,250 d. $812,500
SWFT Essntl Tax Individ/Bus Entities 2020
23rd Edition
ISBN:9780357391266
Author:Nellen
Publisher:Nellen
Chapter11: Individuals As Employees And Proprietors
Section: Chapter Questions
Problem 24P
Related questions
Question
Ms. Berry is employed as an
Ms. Berry’s monthly statutory income is:
Question 33Answer
a.
$730,500
b.
$733,000
c.
$737,250
d.
$812,500
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