Question
John Brown works as a manager at Color World Ltd. He receives Rent allowance from his employer for which they pay the landlord $560,000 annually.
John Brown works as a manager at Color World Ltd. He receives Rent allowance from his employer for which they pay the landlord $560,000 annually. Security, gardening and maintenance services are included in the monthly rental of the property. The company paid 50% of Johns Electricity and water bill. On monthly basis the bills are approximately $12,000 and $6,000 respectively. John is paid car up-keep of $720,000 annually.
John contributes 10% of his basic salary towards pension. His basic salary is $2,900,000 per year.
He has no other source of income and did not work anywhere else. He has been working continuously with his current employer for the past five years including all of 2020. He also received uniform every quarter at $10,000 per quarter. (Three months per quarter). He is provided with a cellular phone to carry out the company duties. The company has agreed to pay a maximum of $5,000 per month for his cellular phone bill. For the year 2020 his cellular telephone bill amounted to $130,000. John received laundry allowance of $2,500 per month. In addition to his basic pay, he received a cooked meal from the canteen. If he were to bought his lunch at the nearby restaurant it would have cost him $800.00.
Required:
Prepare a statement showing Johns tax liability and net pay for 2020.
Applicable rates: | Ed tax 2.25% | NHT 2% | NIS 3% | Tax Threshold $1,500,096 |
Please work it out properly because u gave me one the other day and it was work out properly thank u please send it as soon as possibe
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