Mr. Arthur was employed as an Engineer at Nasco co ltd on a salary scale of Ghs275,225 x 10,500-317,225 per annum with effect from 1" August 2020. His other entitlements include the following: Risk allowance.... Out of station allowance Inconvenience allowance.. ol Question Two bh, Bonus Car maintenance allowance....... Overtime allowance 6. Ghs650 per month ..Ghs1,050 per quarter .Ghs2,500 per annum ..Ghs21% of his basic salary .Ghs 750 per month The following information is also provided 1. He contributes 5.5% of his basic salary towards the social security scheme and 15% towards the company's provident fund being managed by a pension fund manager. 2. The employer pays fees for two of his children in Prempeh college annually of Ghs5,500 3. He stays in the company's two bed room unfurnished house at Adenta with two house helps and a security man who are paid monthly salary each of Ghs800 directly by the company.He is also given an amount of Ghs2,000 as allowance for extra domestic servants .Ghs 10,000 for the year 4. Mr. Arthur remits Ghs1,500 to his aged uncles in the village monthly, 5. His wife is currently a student at the Legon and one of his 4 children are on scholarship education of Cambridge University in London. The rest of the children are schooling in Ghana at various stages of their education. x 2-5 13 751500 a D 75150 360986 9. 7. The emplyer made a donation of Ghs22,000 to Mr Arthur last year during the celebration of his 3rd anniversary as an employee. This was the first of its kind in Nasco co ltd and the company has incorporated this policy into its conditions of service for all employees. K8. He has taken another loan of Ghs 100,000 from UBA,Madina branch to support the construction of his Fourtym house at 15% interest per annum. He took a loan of Ghs 15,000 from the employer at an interest rate of 12% to acquire a plot of land at Oyarifa to construct a residential accommodation at which he is being deducted a monthly repayment of Ghs1,000 from his salary at source. The Bank of Ghana policy rate currently stands at 25% Mr Arthur took a loan of Ghs 150,000 from his bankers to buy a Toyota Hilux which he uses for both official and personal purposes for which the employer gives him fuel coupons of 50 gallons every month. The company also pays him maintenance allowance to him of Ghs750 per month. 10. Mr Arthur recently attend seminar for engineers which is done annually as part of their training at which he pays Ghs5,000 annually. 85824 (653) Required: Ather a) Determine the chargeable income of Mr. Muda for the 2023 year of assessment b) Compute his tax liability if any for the 2023 year of assessment. 11045090

Question Two Mr. Arthur was employed as an Engineer at Nasco co lid on a salary scale of Ghs275.225 x 10,500-317,225 per annum with effect from I" August 2020. His other entitlements include the following: Riskallowance Ghs 650 per month Out of station allowance Ghs1, 050 per quarter Inconvenience allowince. Ghs2.500 per annum Bonus Ghs 21% of his basic sulary Car maintenance allowance. Ghs 750 per month 13 Overtime allowance Ghs 10,000 for the year The following information is also provided 1. He contributes 5.5% of his basic salary towards the social security scheme and 15% toydrds the company's provident fund being managed by a pension fund manager. 2. The employer pays fees for two of his children in Prempeh college annually of Ghs 5,500 3. He stays in the company's two bed room unfurnished house at Adenta with two house helps and a security man who are paid monthly salary each of Ghs 800 directly by the company. He is also given an /f1 amount of Ghs2,000 as allowance for extra domestic servants 4. Mr. Arthur remits Ghs1.500 to his aged uncles in the village monthly, 5. His wife is ctrremly a student at the Legon and one of his 4 children are on scholarship education of Cambridge Univenity in London. The rest of the children are schooling in Glana at various stages of their education. 6. He took a loan of Ghs 15.000 from the employer at an interest rate of 12% to acquire a plot of land at Oyarifa to construct a residential accommodation at which he is being deducted a monthly repayment of Ghs1,000 from his salary at sourec. The Bank of Ghana policy rate currently stands at 25% 7. The emplyer made a donation of Ghs22,000 to Mr Arthur last year during the celebration of his 3 anniversary as an employ ee. This was the first of its kind in Nasco co itd and the compary has incorporated this policy into its conditions of service for all ermployees. 18. He tuis tilken another loan of Ghs 100,000 from UBA.Madina branch to support the construction of his house at 15% interest per annum. Poortion X9. Mr Anthur took a loan of Ghs 150,000 from his bankers to buy a Toyota Hilux which he uses for both official and personal purposes for which the employer gives him fuel coupons of 50 gallons every month. The company also pays him maintenance allowance to him of Gl15750 per month. 10. Mr Arther recently attend seminar for engineers which is done annually as part of their training at which he pays Ghs5,000 annually. Requitred: a) Deternine the chargeable income of Mr. Mude for the 2023 year of assessment 6533 b) Conpute his tax liability if ary for the 2023 year of assessment