In January 2022, John Smith, age 54, was employed to World Games Limited at an annual...

 

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In January 2022, John Smith, age 54, was employed to World Games Limited at an annual salary of $5,000,000 per annum. The company operated an approved pension scheme to which he contributed 5% of his salary monthly. John had monthly deductions of $7,000 to Sagicor Insurance Company, mortgage payment of $65,000, loan payment to NCB of $51,500 and FHC Credit Union of $50,000. Required: A. Computation of taxable income for year of assessment December 31, 2022. B. Calculate the following: NHT Deduction Education Tax Income Tax Payable C. Determine Johns net monthly salary for the year of assessment December 31,2022. In January 2022, John Smith, age 54, was employed to World Games Limited at an annual salary of $5,000,000 per annum. The company operated an approved pension scheme to which he contributed 5% of his salary monthly. John had monthly deductions of $7,000 to Sagicor Insurance Company, mortgage payment of $65,000, loan payment to NCB of $51,500 and FHC Credit Union of $50,000. Required: A. Computation of taxable income for year of assessment December 31, 2022. B. Calculate the following: NHT Deduction Education Tax Income Tax Payable C. Determine Johns net monthly salary for the year of assessment December 31,2022.