Answered: Ms. Berry is employed as an Accounts…

Business

Accounting

Ms. Berry is employed as an Accounts Manager

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter1: Federal Income Taxation—an Overview

Section: Chapter Questions

Problem 51P: Darrell is an employee of Whitneys. During the current year, Darrells salary is 136,000. Whitneys...

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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. 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: Question 34Answer a. $163648 b. $189,748 c. $153,061 d. $162,748
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. 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 $3,000,000.00 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%.
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. 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 $3,000,000.00 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.$162,748 b. $153,061 c.$164,923 d.$189,748
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. 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 PAVE 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: $162,748 $153,061 $163,648 $189,748
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 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. Ms. Berry's monthly statutory income is: а.$730,500 b.$737,250 c.$733,000 d.$812,500
18. 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. 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 $3,000,000.00 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.$162,748 b. $153,061 c.$164,923 d.$189,748
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