Section 2 A) During the fiscal year of 2023/24, John received 40 of income tax repayment...

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Section 2 A) During the fiscal year of 2023/24, John received 40 of income tax repayment interest relating to overpaid income tax from 2022/23. John has been employed part-time by Medical Support Ltd since 2013. He received the following remuneration package in 2023/24: Salary 15,000 per year; Eye test which would have cost 20, offered to all employees who use computers. . Private medical insurance costing the company 800, and which would have cost John 1,000 had he bought it directly from the insurers; and From 1 June 2023, use of a van for significant private use with CO2 emissions of 130 g/km. The van had a list price of 10,000 and Medical Support Ltd paid for all John's private fuel. John received 1,500 of dividends in January 2024 from an ISA. John has also run his own business as a sole trader for many years. Therefore, he has calculated his taxable trading profits for 2023/24 to be 20,600. In arriving at his taxable trading profits, he deducted the following amounts. 200 donation to a national political party; 560 pension contribution in respect of an employee, accrued in March 2024, but paid in late April 2024; 1,000 written off in respect of a trade debt; and 870 of depreciation in respect of office equipment. Required: Compute John taxable income for the fiscal year 2023/24. Section 2 A) During the fiscal year of 2023/24, John received 40 of income tax repayment interest relating to overpaid income tax from 2022/23. John has been employed part-time by Medical Support Ltd since 2013. He received the following remuneration package in 2023/24: Salary 15,000 per year; Eye test which would have cost 20, offered to all employees who use computers. . Private medical insurance costing the company 800, and which would have cost John 1,000 had he bought it directly from the insurers; and From 1 June 2023, use of a van for significant private use with CO2 emissions of 130 g/km. The van had a list price of 10,000 and Medical Support Ltd paid for all John's private fuel. John received 1,500 of dividends in January 2024 from an ISA. John has also run his own business as a sole trader for many years. Therefore, he has calculated his taxable trading profits for 2023/24 to be 20,600. In arriving at his taxable trading profits, he deducted the following amounts. 200 donation to a national political party; 560 pension contribution in respect of an employee, accrued in March 2024, but paid in late April 2024; 1,000 written off in respect of a trade debt; and 870 of depreciation in respect of office equipment. Required: Compute John taxable income for the fiscal year 2023/24.

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Answer To compute Johns taxable income for the fiscal year 202324 we need to consider all sources of ... View the full answer