3. Aisyah's financial and personal position for the tax year 2019 are as follows: Her salary working as an economist RM5,120 per month. She lives with her husband and their two children in their own house, the market rental of which was RM2,400 per month. Her employer gave RM4500 end-of-year bonus. During the year, she worked part-time as a grab driver, earning an average of RM480 a month. She owned 15000 units of AirBC (a listed company) shares, and the price increased from RM0.97 to RM1.28 per unit during that year. She sold 5000 units of the shares at RM1.00 per unit in June, 2019. She enjoyed a health insurance benefit worth RM400 a month. The house she owns increased in value to RM650.000 from RM490,000 during the year. a. Derive her comprehensive income as per Haig-Simon definition and describe each component clearly. (7 pts) b. Derive her gross (total) income under the Malaysian income tax system, giving justification for any component(s) in (a) that would be discarded. (7 pts) c. Assuming gross income in (b) is the taxable income, determine the total tax payable to the government. Please use the tax schedule enclosed in appendix 1 (6 pts) d. By comparing the marginal tax rates (MTR) and the average tax rates (ATR) for Aisyah's income. Is the tax system progressive or regressive? (5 pts) (25 pts) 3. Aisyah's financial and personal position for the tax year 2019 are as follows: Her salary working as an economist RM5,120 per month. She lives with her husband and their two children in their own house, the market rental of which was RM2,400 per month. Her employer gave RM4500 end-of-year bonus. During the year, she worked part-time as a grab driver, earning an average of RM480 a month. She owned 15000 units of AirBC (a listed company) shares, and the price increased from RM0.97 to RM1.28 per unit during that year. She sold 5000 units of the shares at RM1.00 per unit in June, 2019. She enjoyed a health insurance benefit worth RM400 a month. The house she owns increased in value to RM650.000 from RM490,000 during the year. a. Derive her comprehensive income as per Haig-Simon definition and describe each component clearly. (7 pts) b. Derive her gross (total) income under the Malaysian income tax system, giving justification for any component(s) in (a) that would be discarded. (7 pts) c. Assuming gross income in (b) is the taxable income, determine the total tax payable to the government. Please use the tax schedule enclosed in appendix 1 (6 pts) d. By comparing the marginal tax rates (MTR) and the average tax rates (ATR) for Aisyah's income. Is the tax system progressive or regressive? (5 pts) (25 pts)
