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Mr. Kwesi Oppong was appointed Financial Controller of Dukes Limited on an annual salary scale of GH 85,000XH/5,000 GH1130,000 on 1/7/2019. In addition, he was
Mr. Kwesi Oppong was appointed Financial Controller of Dukes Limited on an annual salary scale of GH 85,000XH/5,000 GH1130,000 on 1/7/2019. In addition, he was entitled to the following allowances: - Acting Allowance GH5,000 per annum - Medical Allowance GHe300.00 a month - Transport Allowance GH\&250.00 a month The company provided him with a furnished accommodation at Hydrafon Estates and a vehicle with an official driver and free fuel. He has a Life Insurance Policy with the following details: \begin{tabular}{lrc} Company & Capital Sum & Premium \\ \cline { 2 - 3 } paid & GH & \\ GH & 70,000.00 & 8,000.00 \end{tabular} He is married with three children. The eldest son is in the University of South Africa (UNISA). His other son is in Adonten Senior High School in Aburi and the daughter is in Akosombo International School. He maintains all the children in addition to a 61 year old mother. He contributes 5.5% of his salary to Social Security. Required Calculate his chargeable income for the year of assessment 2022. (11 Marks)
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