Question: Loren Johnson is earning $ 6 , 5 0 0 , 0 0 0 per year as her basic salary. Ms . Johnson lives in

Loren Johnson is earning $6,500,000 per year as her basic salary. Ms. Johnson lives in a house that the company pays the Landlord $50,000 monthly. She receives non-taxable travelling allowance of $25000 per month. The company has an approved pension scheme for which the employee contributes 10% per annum. Ms. Johnson has asked her employer to deduct $13,000 monthly from her salary for a loan repayment Required: a) Calculate the net pay for Loren Johnson for the year 2024.(30 Marks) Compute the taxes that the company will pay for Ms. Johnson (10 Marks)

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