Question
b) Compute the amount of salaries tax payable (excluding provisional tax and tax reduction) by the taxpayer with the following data, if ii) Mr. and
b) Compute the amount of salaries tax payable (excluding provisional tax and tax reduction) by the taxpayer with the following data, if
ii) Mr. and Mrs. Ho elect separate assessments.
Assessment Year: 2020/21
Age: Mr. Ho: 44; Mrs. Ho: 40
Occupation: Mr. Ho: Certified Accountant & Mrs. Ho: Part-time Secretary
Marital status: Married
Child: Aged 10
Mr. Hos Parents: Aged 78 and 74 (both parents live with the taxpayer)
Monthly salary: Mr. Ho: $72,000 & Mrs. Ho: $12,000
Donation: $50,000 cash
MPF contributions: 5% mandatory
Qualifying Annuity: Mr. Ho: $3,000 per month
Home property: Current value at $8,500,000, purchased 5 years ago.
Mortgage repayments: $17,325.00 per month.
Mortgage interest: $100,378 paid during the assessment year.
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