You have been appointed as the Chief Executive Officer of PWC Consult GH LTD.

Required: Using the below information for the Chief Executive Officer,

Calculate his net pay for the 2022 Fiscal year.

1. Basic Pay- 97,000GHS

2. Responsibility Allowance- 8000ghs

3. Housing Allowance: 20percent of basic pay

4. He is pursuing a professional tax programme and is seeking personal reliefs per tax Act 896

5. He takes care of his mother of 70years and father of 78years

6. Entertainment allowance of 5 percent of basic pay

7. He is provided a shared accommodation even though he contributes 1percent of basic pay

8. He is entitled to tier one, tier two and does other tier three schemes. His company has no knowledge of his tier three schemes.

9. He is married to one woman although he has three children with another woman. He has no child with his legally married wife. All his children are below 18 years and in the best GES approved schools.

10. He is 59 years and makes additional monthly profits of 3000ghs from his private trading business.

11. He has a driver, fuel and vehicle benefits as well as enjoys monthly maintenance allowance of 400ghs

12. He receives inducement allowance of 800ghs per month as well as clothing allowance of 400ghs

13. Due to his position , he receives canteen allowance of 500ghs even though all staff receive an annual medical refund of 1,000ghs