Question: Collin Cunningham started working with Dewars Limited on September 1st, 2018. He had not been previously employed for the year. His gross salary for the
Collin Cunningham started working with Dewars Limited on September 1st, 2018. He had not been previously employed for the year. His gross salary for the year is $2 million. He is not an approved travelling officer, but his employment contract includes motor vehicle upkeep of $35,000 monthly. The company has agreed to pay Collins University of Technology expenses including tuition and books in the amount of $90,000 per term (3 months). Collin contributes 10% of his gross salary to an approved pension scheme. Required: A. What are Collins gross taxable emoluments for September 2018? (3 marks) B. What is his income tax payable for September 2018? (8 marks) C. Calculate his net pay for September 2018. (5 marks
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