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QUESTION 3 Jerry Maake, a sole trader, has been in business for many years preparing accounts to 31 December each year. His annual turnover has
QUESTION 3 Jerry Maake, a sole trader, has been in business for many years preparing accounts to 31 December each year. His annual turnover has always averaged K980,000. For the year ending 31 December 2018, he estimated the tax adjusted business profits to be K585,000. Provisional income tax was computed and paid on the appropriate due dates throughout the tax year ended 31 December 2018, The actual taxable business profits for the year ended 31 December 2018 was calculated as K620,000 a) b) Explain whether or not Jerry is amenable and liable to pay provisional income tax [3] Calculate the provisional income tax paid by Jerry Maake for the tax year 2018, showing the due dates and the amount paid on each due date. [4] Calculate Jerry's final amount on income tax payable after giving relief for tax already paid. [3]
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