Question
Excel Plc employs Kim as a sales manager, His annual salary is 36,000 during 2022-2023. He also received an annual bonus of 3,350 based on
Excel Plc employs Kim as a sales manager, His annual salary is 36,000 during 2022-2023. He also received an annual bonus of 3,350 based on his employers profits. He is provided with a company loan of 50,000 on which he pays interest at 1.25% per annum. During the period from 06 April 2022 to 5 April 2023, Kim had free meals in Excel Plcs staff canteen. The total cost of these meals to the company was 1,000. Excel Plc also provided removal expenses of 12,000 when Kim first takes up employment on 06 April 2022.
Calculate the taxable employment income received by Kim during 2022-2023. Official interest rates are 2% per annum.
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