Question
Mary Johnson is earning $5,500,000 per annum as her basic salary. Ms. Johnson lives in a house that the company pays the Landlord $1,200,000 annually.
Mary Johnson is earning $5,500,000 per annum as her basic salary. Ms. Johnson lives in a house that the company pays the Landlord $1,200,000 annually. She receives taxable travelling allowance of $200,000 per month. She is also paid a non-taxable uniform allowance of $150.000 per year. Ms. Johnson has asked the payroll department to deduct from her salary monthly the following: $100,000 for a bank loan, $5,000 for share purchases in the companys Employees Share Ownership Plan and $55,000 to National Housing Trust (NHT). The company has an approved pension scheme for which the employee contributes 10% per month and the employer matches this amount by contributing the same percentage for the employee.
a) Calculate the net pay for Mary Johnson for the year 2022.
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