QUESTION ONE 1. Mr. George Amoka commenced business on 1st April, 2017 and submitted the following extracts of his financial statements for the year ended 31 March, 2018 and 2019 to Ghana Revenue Authority. Chara Revenue Authority is yet to audit and assess the accounts of George's Business since ils commencement Income Statement for the year ended 31 March, 2019 2018 GH Gross profit 99,000 43,332 Salary (Note 1) 130.000) (35.2100) Computer purchased (Note 3) (35.000) (29,200) Office Equipment (Note 3) (6,000) Employer's SNNIT Contribution (6.000) (5,000) Contribution and Donation (Note 2) (9.000) (8,00) Carry over loss from 2017-2018 year (Note 4) (19.000) Net Irofit or (LOS) (39,868) Additional Information Note 1 Salary Mr. George Personal salary Other Permanent Staff's salary Wages paid to Casual worker 6,000 4,000 20,000 30.000 8.000 3.000 24,000 35.000 Note 2 Contribution and donation Ghana Heart Foundation 5,500 4,000 Approved religious Institution 2,000 2,000 Custom Officials 1.500 2.000 9,000 8,000 Note 3 Tax Rates Corporate Tax Rate for 2018 year of assessment is 25% and Annual Graduated Tax Rate for 2018 year of assessment is shown below First CH 3,182 Nil Next GIT140 5% Next GHC1,200 103 Next GH933.720 17.5% Next GH438,892 25% Exceeding 120,000 35% Note 4 Carry-Over Loss Mr. George decided to carry-over the denied loss of GI 1201,868 (ie 39,865- 19,000) from year ended 31 March, 2019 to 31 March, 2020 year end. Note 5 Acquisition of depreciable assets Asset Date of Acquisition Computers 01/12/2017 Equipment 01/06/2018 Computer 01/06/2018 Amount (GH) 29,200 6,000 35,000 1. Required Compute Mr. George's Taxable income and Tax liability for 2018 year of assessment. (14 marks) 11. Provide notes to support your computation (6 marks) fil In furtherance of section 17 of the Act 896, comment on George's decision to carry over an unrelieved lors of CH4 20,868 to 314 March, 2020 year end. (4 marks) iv. Determine Mr. George's obligation on payment of Wages to Casual worker in respect of 2018 year of assessment for taxation purposes (2 barks) QUESTION ONE 1. Mr. George Amoka commenced business on 1st April, 2017 and submitted the following extracts of his financial statements for the year ended 31 March, 2018 and 2019 to Ghana Revenue Authority. Chara Revenue Authority is yet to audit and assess the accounts of George's Business since ils commencement Income Statement for the year ended 31 March, 2019 2018 GH Gross profit 99,000 43,332 Salary (Note 1) 130.000) (35.2100) Computer purchased (Note 3) (35.000) (29,200) Office Equipment (Note 3) (6,000) Employer's SNNIT Contribution (6.000) (5,000) Contribution and Donation (Note 2) (9.000) (8,00) Carry over loss from 2017-2018 year (Note 4) (19.000) Net Irofit or (LOS) (39,868) Additional Information Note 1 Salary Mr. George Personal salary Other Permanent Staff's salary Wages paid to Casual worker 6,000 4,000 20,000 30.000 8.000 3.000 24,000 35.000 Note 2 Contribution and donation Ghana Heart Foundation 5,500 4,000 Approved religious Institution 2,000 2,000 Custom Officials 1.500 2.000 9,000 8,000 Note 3 Tax Rates Corporate Tax Rate for 2018 year of assessment is 25% and Annual Graduated Tax Rate for 2018 year of assessment is shown below First CH 3,182 Nil Next GIT140 5% Next GHC1,200 103 Next GH933.720 17.5% Next GH438,892 25% Exceeding 120,000 35% Note 4 Carry-Over Loss Mr. George decided to carry-over the denied loss of GI 1201,868 (ie 39,865- 19,000) from year ended 31 March, 2019 to 31 March, 2020 year end. Note 5 Acquisition of depreciable assets Asset Date of Acquisition Computers 01/12/2017 Equipment 01/06/2018 Computer 01/06/2018 Amount (GH) 29,200 6,000 35,000 1. Required Compute Mr. George's Taxable income and Tax liability for 2018 year of assessment. (14 marks) 11. Provide notes to support your computation (6 marks) fil In furtherance of section 17 of the Act 896, comment on George's decision to carry over an unrelieved lors of CH4 20,868 to 314 March, 2020 year end. (4 marks) iv. Determine Mr. George's obligation on payment of Wages to Casual worker in respect of 2018 year of assessment for taxation purposes (2 barks)