Answered step by step
Verified Expert Solution
Link Copied!
Question
1 Approved Answer

a) PJ, CC and BM are all employed at P and B Consultants. During the year of assessment ending 2020/2022, they had the following

a) PJ, CC and BM are all employed at P and B Consultants. During the year of assessment ending 2020/2022,

a) PJ, CC and BM are all employed at P and B Consultants. During the year of assessment ending 2020/2022, they had the following details, all amounts are in NS Details Basic Salary per month Annual Production Bonus Annual Savings bonus on basic Salary 15% Study Allowance Taxi Allowance Part time wages per month Best Employee award PJ 15 000 9.000 4500 850 12000 Calculate the b) Taxable income for each person [ 16 marks] c) The tax liability [9 marks] CC 25 000 3.000 4500 640 BM 32 000 5000 4500 7500 a) PJ, CC and BM are all employed at P and B Consultants. During the year of assessment ending 2020/2022, they had the following details, all amounts are in NS Details Basic Salary per month Annual Production Bonus Annual Savings bonus on basic Salary 15% Study Allowance Taxi Allowance Part time wages per month Best Employee award PJ 15 000 9.000 4500 850 12000 Calculate the b) Taxable income for each person [ 16 marks] c) The tax liability [9 marks] CC 25 000 3.000 4500 640 BM 32 000 5000 4500 7500 a) PJ, CC and BM are all employed at P and B Consultants. During the year of assessment ending 2020/2022, they had the following details, all amounts are in NS Details Basic Salary per month Annual Production Bonus Annual Savings bonus on basic Salary 15% Study Allowance Taxi Allowance Part time wages per month Best Employee award PJ 15 000 9.000 4500 850 12000 Calculate the b) Taxable income for each person [ 16 marks] c) The tax liability [9 marks] CC 25 000 3.000 4500 640 BM 32 000 5000 4500 7500

Step by Step Solution

3.54 Rating (158 Votes )

There are 3 Steps involved in it

Step: 1

To calculate the taxable income and tax liability for each person well need to consider their ... blur-text-image
Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Income Tax Fundamentals 2013

Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill

31st Edition

1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516

More Books

Students explore these related Accounting questions