Question
Mr Simangolwa was in full time employment whilst undertaking a number of investment initiatives. The following were his financial transactions under the year March 2020.
Mr Simangolwa was in full time employment whilst undertaking a number of investment initiatives.
The following were his financial transactions under the year March 2020.
1. Employment Income
Salary 480,000
NAPSA 3,200
Leave Pay 40,000
PAYE 48,000
2. Business Income
Business Profit K160,000
The Business profit was after the following adjustments but before Capital Allowances of K222,000
Depreciation K280,000
Fine for Driving carelessly K14,000
3. Mr Simangolwa also owns investments whose incomes he received net were:
Rent K96,000
Royalties K52,000
4. Note that Mr Simangolwa made the following payaments during the year
Donation to Cheshire Homes (An Approved Charity) for K4,000
Payments for Mortgage Interest K2,500
Required:
Compute the total Income Tax payable by Mr Simangolwa
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