The following information relates to Mr$.$ John Bosco who was formerly resident in Texas but has now permanently settled in Ghana.

Income received in Ghana $(2023)$

Gross salary Director$’$s Fees $($Net$)$ Dividend $($Gross$)$

$ȼ’000$

$200,00050,50048,000$

Income from Texas $(2023)$

Gross

Tax Paid Amount Remitted

Investments $100,00024,000$ Nil

Dividend $($net$)14,0001,40012,600$

Mr$.$ John Bosco is married with $3$ children, one of whom attends My Soul is Good Nursery School. He contributes to the social security fund. He also contributes $5\%$ of his gross salary towards the company$’$s provident fund. Complete the Net tax payable in the year $2023.$

No$.1234567$

CHARGEABLE INCOME

TAX RATE Free $5\%10\%17\mathrm{.}5\%25\%30\%35\%$

Use the following Tax schedule

First Next Next Next Next Next

$4,824\mathrm{.}001,320\mathrm{.}001,560\mathrm{.}0036,000\mathrm{.}00196,740\mathrm{.}00359,556\mathrm{.}00$

Exceeding $600,000\mathrm{.}00$

email: bcobbah$9$@yahoo.com

 

Answer rating: 100% (QA)

To calculate the net tax payable for Mr John Bosco in the year 2023 we need to determine his chargea... View the full answer