6. Mr. Thomas Adade is a 56-year-old widower who has three daughters who are all gainfully employed. Hewas employed as a Operations Manager of Kwatson Limited on September 1, 2019, on a salary scale ofGHC152,000 x GHC6,000-GHC200,000.He is also entitled to the following: Fully furnished accommodation, a vehicle with fuel and driver,Unaccountable entertainment allowance of GHC2,500 per month, Inconvenience allowance ofGHC2,120 per month and Medical allowance of GHC 7,800 per annum.The following are also applicable to him:a.7.5% of his basic salary as duty post allowance.b. 15% of his basic salary as a professional allowance.c. 2.5% of his basic salary as risk allowance.d. He was provided with the following household items: soap, gas, and toilet rolls amounting to GHC1,200 each month.e. Annual bonus of 25% of annual basic salary allowancef.Mr. Adade took a loan of GHC300,000 from his employer at an interest rate of 5% per annum simpleinterest on 1/1/2023 payable over two years. The Bank of Ghana's statutory interest rate is 25% perannum.g. He contributes 5.5% of his basic salary towards the Social Security Fund and 8% to the staff providentfund.h. He is married with 5 children attending approved educational institutions in Ghanai. Mr. Adade takes care off his aged uncle.j. During the year under review, Mr. Adade made donation of GHS5,000 to support the Ghana black starsand also paid mortgage interest of GHS3,500Required:(i)Determine his chargeable income and tax liability for the year of assessment 2022.

Basic Salary:Basic Salary: GHC 152,000 x 12 = GHC 1,824,000Allowances:Duty Post Allowance: 7.5% of…

Answered: Required: (i) Determine his chargeable…

Business

Accounting

Required: (i) Determine his chargeable income and tax liability for the year of assessment 2022.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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