3200-19 6000 - 6000 40m Question 2 Abotsi has been in employment at Asempa Ltd since 1 August, 2019 as Finance Manager on a salary scale of GH 32,000 by GH 6,000 to GH 48,000. His service conditions include the following: i) ii) iii) iv) vii) viii) ix) x) xi) xii) xiii) xiv) xv) xvi) Responsibility allowance of 18% of basic salary Utilities allowance per annum of 10% of basic salary Risk allowance of 20% on basic salary and car maintenance allowance of 5% of basic salary. Leave allowance of GH1,900 per annum. Medical allowance per annum of GH3,500.4 Meals allowance of GH700 month. per Two house helps on GH500 wages per month each. The amount is paid to Abotsi in cash directly by the company. Bonus of 25% of annual basic salary. Annual Overtime allowance of GH18,000 Unaccountable Entertainment allowance of GH2,000 a year. 10% Provision of a well-furnished bungalow in respect of which he pays GH400 per month as rent by way of deduction at source. Provision of a vehicle with driver and fuel for both official and private purposes Special retirement package by way of a provident fund of which he contributes 9% of his basic salary, while the company contributes 11%. (The scheme is approved by the Regulatory Body) Social Security and National Insurance Trust contribution of 5.5% and the employer contributes 13% of basic salary. On 1 January, 2022 he was given a car loan of GH 20,000 to purchase a car for his mother at a simple interest rate of 15% per annum. The institution gives similar facility to other customer at the rate of 28% but the statutory rate (Bank of Ghana Rate) is 25%. The loan is to be paid within the period of 24 months.. He is married to Abotsiwaa and Abotsimaa who are unemployed and contribute little or no financial support to their husband. Their responsibilities are limited to the management of the house. xvii) He has six (6) children, four (4) of whom are in Silicon Valley International School, Accra-Ghana while the rest are working. xviii) He is also responsible for the upkeep of four (4) aged relatives of his. (xix) 1 xx) xxi) He is currently pursuing MPHIL in Finance at University of Ghana Business School where he incurred GH25,000 by way of educational expenses in 2022. He is a director of Adwoa Mansa Ltd and he receives director's emolument of GH24,450 (net of taxes). He received Dividend of GH20,000 (net of taxes) from the Afia Manu bank. The dividend was taxed at 8%. Required: Calculate his chargeable income for the 2022 Year of Assessment. Question 3 (20 Marks) (Total:20 Marks)