Calculate Mark Mayo taxable income and tax payable for the year ended 31 December 2018? Mark Mayo
Question:
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.
International Financial Reporting and Analysis
ISBN: 978-1408075012
5th edition
Authors: David Alexander, Anne Britton, Ann Jorissen