Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Calculate Mark Mayo taxable income and tax payable for the year ended 31 December 2018? Mark Mayo is employed as a deputy director in the

  Calculate Mark Mayo taxable income and tax payable for the year ended 31 December 2018?

 Mark Mayo is employed as a deputy director in the Ministry of Tourism. He is also in receipt of property and investment income from a number of business ventures. The following information refers to Mark's earnings and deductions for the year ended 31 December 2018:    US$ Employment: Salary          26 000 Bonus     3 000 Accommodation allowance   5 000 School fees allowance        10 000 Representation allowance   8 000 Clothing allowance    2 000 Pension fund contributions   (2 500) Retirement annuity fund (RAF) contributions (1 700) Professional subscriptions     (500) PAYE          (10 000) Medical aid contributions   (5 000) Mark also makes use of an employer-allocated motor vehicle with an engine capacity of 3300cc. Required:.          [25 Marks] Note: You should indicate by the use of zero (0) any amounts which are not required to be included or which are not deductible in calculating taxable income.                                                                                                                 

 



Step by Step Solution

There are 3 Steps involved in it

Step: 1

To calculate Mark Mayos taxable income and tax payable for the year ended 31 December 2018 we need t... blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

International Financial Reporting and Analysis

Authors: David Alexander, Anne Britton, Ann Jorissen

5th edition

978-1408032282, 1408032287, 978-1408075012

More Books

Students also viewed these Law questions

Question

=+b) Are the conditions for two-way ANOVA met?

Answered: 1 week ago

Question

What are the different techniques used in decision making?

Answered: 1 week ago

Question

Compare an S corporation to a limited liability company.

Answered: 1 week ago