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Audrey purchased the following life insurance policies as shown below:- Policy A : Life Insurance Sum Assured $70,000 Premium Paid $5,800 Policy B . :
- Audrey purchased the following life insurance policies as shown below:-
Policy A : Life Insurance Sum Assured $70,000 Premium Paid $5,800
Policy B . : Life Insurance Sum Assured $100,000 Premium Paid $4,500
- Audrey is provided with rent-free accommodation for which she incurs annual rental expenses of $4,000.
- Audrey has the following income:- Salary: $6,000 per month , Bonus : 2 months , Interest on Fixed Deposit: $4,500
1) Calculate the available Life Insurance premium reliefs for Audrey.
2) Assume the Annual Value of the fully furnished rent free accommodation is $30,000. Calculate the tax liability for the rent free accommodation.
3) Calculate the total amount child relief that Audrey can claim for each child.
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