Mr Johnson Junior is an employee of Temidire Ltd . His salary is N 5 , 0
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Question:
Mr Johnson Junior is an employee of Temidire Ltd His salary is N per annum. He is married with five children. The first two are from his first wife and the remaining from the second wife. The two wives live with him. The eldest child is now a university graduate and teaches in a secondary school in Kaduna while the remaining children are university students. Mr Johnson Junior has a life assurance policy with JEM Insurance Ltd The sum assured is N and he pays a premium of N per month. He also contributes N monthly to a pension scheme approved by the Joint Tax Board.
The following information is made available:
iThe company pays N per annum on his accommodation and provides him with an official car which has a market value of N;
iiHe spent N on his aged father and N on his aged mother. Both have no source of income due to old age, He was retired on December and was paid a gratuity of N
Required: Compute his tax liability for the relevant year of assessment.
Related Book For
Taxation For Decision Makers 2014
ISBN: 9781118654545
6th Edition
Authors: Shirley Dennis Escoffier, Karen Fortin
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