Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Encik Affandi was an employee of Syarikat Dexelies Sdn Bhd since 1 September 2013 until his employment contract was terminated on 31 August 2021. Listed

image text in transcribed

Encik Affandi was an employee of Syarikat Dexelies Sdn Bhd since 1 September 2013 until his employment contract was terminated on 31 August 2021. Listed below are the income that he had received for the basis year 2021: RM 4,970 per month Salary per month (after deducting EPF - 11%, housing loan RM1,500, car loan - RM350 and Schedular Tax Deduction - RM300) Entertainment allowance Gratuity Housekeeper (paid by the employer) Medical treatment Leave passage - Langkawi Air fare Hong Kong Air fare Brunei Compensation for loss of employment 500 per month 45,200 700 per month 1,200 5,000 2,900 2,750 120,000 Accommodation - (semi-furnished house with the furniture in the 12,000 per annum lounge and dining room) Bonus 3 months salary for his excellent service SRM2,000 On 3 July 2021, Encik Affandi exercised an option to sell 10,000 shares offered to him by the company where the market value on that RM15. The market value and the option price when the option was granted were RM10 and RM12 respectively. RM350 car loan is related to the loan given by his company to purchase a car using internal fund. Credit card facilities were provided to Encik Affandi. The credit card membership fee paid by the company was RM200. During the year the company has paid RM2,500, for Encik Affandi's personal expenses and RM100 for annual membership fee. The company provided Encik Affandi with golf dub benefits registered under the company's name. The annual subscription fee is RM2,000. Car (Cost when the company purchased on 1 January 2015 was RM180,000). The company also provided fuel card. The company also provided a driver who only serves Encik Affandi during working hours for official matters). On 15 December 2021, Encik Affandi receives RM70,000 from the contribution of Superemployee Fund established by Syarikat Develies Sdn Bhd. of that amount RM55,000 is the amount contributed by Encik Affandi. The remaining is from Syarikat Develies Sdn Bhd's contribution and the interest earned. Expenses Engik Affandi daimed that he has spent RM400 per month to entertain the company's clients. The rental payment contributed by Encik Affandi related to the accommodation provided was RM700. ses and more Required: Calculate the Adjusted Employment Income of Encik Affandi for the year of assessment 2021

Step by Step Solution

There are 3 Steps involved in it

Step: 1

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

Step: 3

blur-text-image

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

Forensic Analytics Methods And Techniques For Forensic Accounting Investigations

Authors: Mark J. Nigrini

1st Edition

0470890460, 978-0470890462

More Books

Students also viewed these Accounting questions