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Mr. Mapessa is employed as a senior manager with Brook Enterprises Ltd. He holds 18% of the company's controlling interest. The following details relate to
Mr. Mapessa is employed as a senior manager with Brook Enterprises Ltd. He holds 18% of the company's controlling interest. The following details relate to Mr. Mapessa for the year ended 31 December 2018 1 Basic salary Shs. 200.000 per mouth (PAYE Sh. 18,400) per month). 2 Benefits in kind for the year amounted to Sh 48.000. 3. He was provided with a company car 2000 cc whose cost was Shs.900,000. The car was leased by the company at a monthly rent of Sh.29.000. He also received a monthly fuel allowance of Sh 17.000 for the car. He was provided with a house by the employer. The house is rented front one of the company's directors at Sh.40.000 per amount. The electricity is supplied front a generator installed by the company, the monthly expenses in relation to the generator amounted to Sh.30,000. 5. On 1 May 2018, he moved to his own house which he had constructed through a 12% mortgage loan of Sh. 2,000,000. The loan had been obtained from National housing Corporation on 1 October 2017 6. He is a member of a registered pension scheme where he contributing Sh. 18.000 per month with the employer contributing an equal amount for him. 7. On 1 October 2018, he secured an education insurance policy for his child at an annual premium of Sh.72.000 payable by the company 8. He reported us farming income of Sh. 108.000 9. He was out of work station for 5 days which he was paid per diem of Sh.7,600 per day. Required: Total taxable income of Mr. Mapessa for the year ended 31 December 2018 Required: i. Total taxable income of Mr. Mapessa for the year ended 31 December 2018 ii. Tax due on the taxable income calculated in (i) above Commitment on nay information not used in your computations under (1) above Mr. Mapessa is employed as a senior manager with Brook Enterprises Ltd. He holds 18% of the company's controlling interest. The following details relate to Mr. Mapessa for the year ended 31 December 2018 1 Basic salary Shs. 200.000 per mouth (PAYE Sh. 18,400) per month). 2 Benefits in kind for the year amounted to Sh 48.000. 3. He was provided with a company car 2000 cc whose cost was Shs.900,000. The car was leased by the company at a monthly rent of Sh.29.000. He also received a monthly fuel allowance of Sh 17.000 for the car. He was provided with a house by the employer. The house is rented front one of the company's directors at Sh.40.000 per amount. The electricity is supplied front a generator installed by the company, the monthly expenses in relation to the generator amounted to Sh.30,000. 5. On 1 May 2018, he moved to his own house which he had constructed through a 12% mortgage loan of Sh. 2,000,000. The loan had been obtained from National housing Corporation on 1 October 2017 6. He is a member of a registered pension scheme where he contributing Sh. 18.000 per month with the employer contributing an equal amount for him. 7. On 1 October 2018, he secured an education insurance policy for his child at an annual premium of Sh.72.000 payable by the company 8. He reported us farming income of Sh. 108.000 9. He was out of work station for 5 days which he was paid per diem of Sh.7,600 per day. Required: Total taxable income of Mr. Mapessa for the year ended 31 December 2018 Required: i. Total taxable income of Mr. Mapessa for the year ended 31 December 2018 ii. Tax due on the taxable income calculated in (i) above Commitment on nay information not used in your computations under (1) above
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