OO! Grace, a self-employed married woman with two children who both attend basic schools in Ghana trades as Mbrewa Din Enterprise. She commenced business on 1st January 2022 and submitted the following extracts of her financial statements for the year ended 2022.

GHSGHS

Gross Profit b/d157,000

Interest on Savings Account20,200

Gifts received1,500

Interest on Treasury Bills7,900

Auditors Fees8,000 

Depreciation of assets12,000 

Computers purchased25,000 

PAYE paid on his Personal Salary4,500 

SSF Contribution (Other Staff)3,960 

Office Rent24,000 

Personal salary(Net)72,000 

Penalties and Fines4,300 

Vehicle purchased for company use18,000 

Vehicle purchased for CEO's use18,000 

Transport13,000 

Net Loss- 16,160 

186,600186,600

Assume all assets were purchased at cost at the beginning of the accounting period

Required

Determine the Chargeable Income of OO! Grace for the 2022 year of Assessment

Support your computations with relevant explanations

Compute all Taxes payable using the 2022 rates

Answer rating: 100% (QA)

Chargeable Income of OO Grace for the 2022 year of Assessment To determine the chargeable income we ... View the full answer