SECTION B. [40 MARKS] Answer ALL questions in this section. Question 1 (25 Marks) The following information relates to Mr. Selema, a resident Individual, for the tax year 2017/2018 1. Salary P120 000 2. Business Income P300 000 BOLEH 3. income from a house rented out P60 000. 4. Interest Income: BBS- P14 000 BSB - P11 000 Bank Gaborone: P10,000 5. Expenses for running a business delivery truck: P17 000 6. Amount paid to the house keeper: P6 000 7. Wages and Salaries for business employees: P99 000 8. Repairs to the house let out: P2 500 9. Contributed PI 000 to a government school. 10. Contributed 15% of his salary to an approved superannuation fund. 11. Spent P8 000 in petrol for the business car, however the car was used by his son for his personal affairs 25% of the time. You are required to calculate the following: (i) Gross Income (5 marks) (ii) Assessable Income Chargeable income Taxable Income (5 marks) (5 marks) (5 marks) (5 marks) (iv) (v) The Tax Liability Use the following tax table: Taxable income Tax 0 30,000 0 30 001 60 000 .0 + 5% of excess over 30 000 60 001 90 000 1 500 +12.5% of excess over 60 000 90 001 120 000 5250 +18.75% of excess over 90 000 .10 875 + 25% of excess over 120 000. 120 001 and over SECTION B. [40 MARKS] Answer ALL questions in this section. Question 1 (25 Marks) The following information relates to Mr. Selema, a resident Individual, for the tax year 2017/2018 1. Salary P120 000 2. Business Income P300 000 BOLEH 3. income from a house rented out P60 000. 4. Interest Income: BBS- P14 000 BSB - P11 000 Bank Gaborone: P10,000 5. Expenses for running a business delivery truck: P17 000 6. Amount paid to the house keeper: P6 000 7. Wages and Salaries for business employees: P99 000 8. Repairs to the house let out: P2 500 9. Contributed PI 000 to a government school. 10. Contributed 15% of his salary to an approved superannuation fund. 11. Spent P8 000 in petrol for the business car, however the car was used by his son for his personal affairs 25% of the time. You are required to calculate the following: (i) Gross Income (5 marks) (ii) Assessable Income Chargeable income Taxable Income (5 marks) (5 marks) (5 marks) (5 marks) (iv) (v) The Tax Liability Use the following tax table: Taxable income Tax 0 30,000 0 30 001 60 000 .0 + 5% of excess over 30 000 60 001 90 000 1 500 +12.5% of excess over 60 000 90 001 120 000 5250 +18.75% of excess over 90 000 .10 875 + 25% of excess over 120 000. 120 001 and over