Malcolm's gross annual salary is 57,500. He is also entitled to an annual bonus which is based
Question:
Malcolm's gross annual salary is £57,500. He is also entitled to an annual bonus which is based on his employer's profits for the previous calendar year. His bonus for the year to 31 December 2020 was £8,350 (which he received on 9 April 2021). His bonus for the year to 31 December 2021 is £9,570 (which he receives on 18 April 2022). Malcolm is not a company director. Calculate his employment income for 2021-22.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 0% (1 review)
In the UK the taxation year runs from the 6th of April to the 5th of the following April The em...View the full answer
Answered By
Somshukla Chakraborty
I have a teaching experience of more than 4 years by now in diverse subjects like History,Geography,Political Science,Sociology,Business Enterprise,Economics,Environmental Management etc.I teach students from classes 9-12 and undergraduate students.I boards I handle are IB,IGCSE, state boards,ICSE, CBSE.I am passionate about teaching.Full satisfaction of the students is my main goal.
I have completed my graduation and master's in history from Jadavpur University Kolkata,India in 2012 and I have completed my B.Ed from the same University in 2013. I have taught in a reputed school of Kolkata (subjects-History,Geography,Civics,Political Science) from 2014-2016.I worked as a guest lecturer of history in a college of Kolkata for 2 years teaching students of 1st ,2nd and 3rd year. I taught Ancient and Modern Indian history there.I have taught in another school in Mohali,Punjab teaching students from classes 9-12.Presently I am working as an online tutor with concept tutors,Bangalore,India(Carve Niche Pvt.Ltd.) for the last 1year and also have been appointed as an online history tutor by Course Hero(California,U.S) and Vidyalai.com(Chennai,India).
4.00+
2+ Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Business questions
-
Explain the meaning of the terms emoluments, employments and office for the purposes of PAYE as you earn systems. 2. Explain the actual receipts basis of assessing the emoluments from the employment...
-
Jack is a UK (non-Scottish) taxpayer who earned a basic salary of 100,000 for tax year 2020-2021. The following information is available in relation to his employment: Jack is entitled to an annual...
-
The Crazy Eddie fraud may appear smaller and gentler than the massive billion-dollar frauds exposed in recent times, such as Bernie Madoffs Ponzi scheme, frauds in the subprime mortgage market, the...
-
Describe Robertson Tool's business risk, making critical judgments. Consider the volatility of its revenues and operating expenses, therefore appraising the volatility of its EBIT. HINT: Consider the...
-
The Pilsdorff Beer Company runs a fleet of trucks along the 100 mile road from Hangtown to Dry Gulch. The trucks are old, and are apt to break down at any point along the road with equal probability....
-
Bon Company owns 40 percent of the voting stock of Macree Company. The investment account for this company on Bons balance sheet had a balance of $300,000 on January 1, 20xx. During 20xx, the Macree...
-
Revenue Recognition} Volume Electronics sold a television to Sarah Chang on December 15, 2018. Sarah paid \(\$ 100\) at the time of the purchase and agreed to pay \(\$ 100\) each month for five...
-
Hewlett-Packard is a leading manufacturer of computer equipment for the business and home markets. For each of the following recent transactions, indicate whether net cash inflows (outflows) from...
-
( b ) On 3 1 s t Jan. 2 0 2 4 the cash book modi Showed its debit balance Rs . 2 , 0 0 , 0 0 0 On going through the pass book following irregularies were observed. ( i ) One cheque amounting to Rs ....
-
Which of the following forms of income from employment would be exempt from income tax in tax year 2021-22? (a) Free meals in the company canteen. (b) Removal expenses of 4,500. (c) 1,000 given to an...
-
List the criteria which might be used to distinguish employment from self-employment.
-
A palindrome is any word, phrase, or sentence that reads the same forward and backward. Here are some well-known palindromes: Able was I, Ere I saw Elba A man, a plan, a canal, Panama Desserts, I...
-
Let's say you want to analyze the device from an energy and mass balance perspective. Would you assume the system is Open or Closed? Steady or Unsteady? Adiabatic or allow heat losses? Is Work...
-
Describe the term refers to similarities and differences among people, including those such as race, age, ethnicity, physical abilities and characteristics, and gender?
-
20. What is the output of this program? import java.io.IOException; public class Derived { public void getDetails() throws IOException { System.out.println("Derived class"); } } public class Test...
-
Explain the issues facing consumers of furniture (bed) purchases?
-
BOOST Manufacturing uses a predetermined overhead rate based on direct labor hours to apply manufacturing overhead to jobs. Last year Charizard incurred P156,600 in actual manufacturing overhead...
-
Refer to Exercise 7.22. a. Determine the probability distribution of the amount of money the arcade takes in per child. b. Use the probability distribution to calculate the mean and variance of the...
-
Design and describe an application-level protocol to be used between an automatic teller machine and a bank's centralized computer. Your protocol should allow a user 's card and password to be...
-
Yeng and Sons Ltd prepares financial statements to 31 May each year. On 25 January 2020, the company classifies a disposal group as held for sale. This disposal group is eventually sold in August...
-
There are two international standards which deal with goodwill. IAS38 does not allow internally generated goodwill to be recognized as an asset. Goodwill acquired in a business combination is dealt...
-
An asset which cost 200,000 on 1 January 2018 is being depreciated on the straight line basis over a five year period with an estimated residual value of 40,000. The company which owns the asset has...
-
Touche Manufacturing is considering a rearrangement of its manufacturing operations. A consultant estimates that the rearrangement should result in after - tax cash savings of 6 0 0 0 the first year,...
-
What are the fundamental principles of accounting?
-
Background Hyde Park Technologies Pty Ltd ( HPT ) , a medium - sized enterprise with a turnover of $ 1 0 0 million per year is considering the purchase of an ERP system. As they have an urgent need...
Study smarter with the SolutionInn App