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please answer ASAP showing working out upvote given 19. Michael Campbell, age 66, is an instrument technologist in the bauxite industry. Michael provides you with
please answer ASAP showing working out
19. Michael Campbell, age 66, is an instrument technologist in the bauxite industry. Michael provides you with the following information to compute his income tax liability for year of assessment 2013. The profit and loss account relating to the business as at December 31,2013 is as follows: Net Profit 6,490,000 Notes - The legal fees relate to the new building purchased during the year. - Included in general expenses are utility bills amounting to $75,000 paid by the business for Michael's house. - Other income relates to gross interest on a fixed deposit received as follows: Gross interest for the period January to June received July 31, 2013 amounted to $60,000, tax deducted at source was $15,000. Gross interest for the period July to December received February 28, 2014 amounted to $60,000, tax deducted at source was $15,000. Prepare a schedule of Michael's tax liability for year of assessment 2013 with notes where appropriate upvote given
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