LULICON 134 2007 CULOTY pm 51 IDEALULUTY COME NHT 2% of gross income 3% of gross income (ii)NIS is paid at 2.5% of gross income up to $1,500,000 p.a. after that the "flat rate" applies. (iii) The following personal deductions are made from Karen James' salary: Credit union $5,400 weekly; insurance $96,000 annually; and car loan of $20,000 monthly. (iv)The company operates a pension scheme to which Karen James makes a contribution of 5% of her basic salary. (v) For the month of April 2017, it is expected that Karen will earn overtime pay amounting to $24,000. Required: (12 marks) (a) Karen James net pay for the month of April 2017 (hi Prepare a summary that shows Karen's statutory deductions for April 2017 On April 1, 2017, the income tax threshold for Jamaican workers was increased to $1,500,096 per annum. Karen James is employed as an assistant accountant at a local distribution company. She is paid an annual basic salary of $2,400,000. She also receives monthly non-taxable uniform and laundry allowance of $12,000 and taxable meal allowance of $8,000 monthly. Notes: (0 Statutory Rates Employer's Rate Deductions Employee's Rate 25% of taxable income Income tax 2.5% of gross income 2.5% of gross income NIS 3.5% of statutory income 2.25% of statutory income Education Tax 3% of gross income 2% of gross income NHT CU)NIS is paid at 2.5% of gross income up to $1,500,000 p.a. after that the "flat rate applies. LULICON 134 2007 CULOTY pm 51 IDEALULUTY COME NHT 2% of gross income 3% of gross income (ii)NIS is paid at 2.5% of gross income up to $1,500,000 p.a. after that the "flat rate" applies. (iii) The following personal deductions are made from Karen James' salary: Credit union $5,400 weekly; insurance $96,000 annually; and car loan of $20,000 monthly. (iv)The company operates a pension scheme to which Karen James makes a contribution of 5% of her basic salary. (v) For the month of April 2017, it is expected that Karen will earn overtime pay amounting to $24,000. Required: (12 marks) (a) Karen James net pay for the month of April 2017 (hi Prepare a summary that shows Karen's statutory deductions for April 2017 On April 1, 2017, the income tax threshold for Jamaican workers was increased to $1,500,096 per annum. Karen James is employed as an assistant accountant at a local distribution company. She is paid an annual basic salary of $2,400,000. She also receives monthly non-taxable uniform and laundry allowance of $12,000 and taxable meal allowance of $8,000 monthly. Notes: (0 Statutory Rates Employer's Rate Deductions Employee's Rate 25% of taxable income Income tax 2.5% of gross income 2.5% of gross income NIS 3.5% of statutory income 2.25% of statutory income Education Tax 3% of gross income 2% of gross income NHT CU)NIS is paid at 2.5% of gross income up to $1,500,000 p.a. after that the "flat rate applies