Marsha Stewart is an employee at a basic school. During the year 2015, she received the following from her employment and other sources. 

A. Salary $708000 per annum. (PAYE of $3650 deducted at source monthly) 

B. Marsha received dividends from Jamaica Teas, a company that is traded on the Jamaica Stock Exchange. She received $51000 et of tax 

C. Marsha is 69 years old and is in receipt of $150000 per annum from an approved pension scheme. 

D. Marsha has other investments including a time deposit at Jamaica National which paid interest of $30000 (net). 

Required: Determine Marsha Stewart's taxable income and income tax liability for the year of assessment 2015 writing appropriate notes. Show all workings.

Answer rating: 100% (QA)

Salary per annum 708000 Less deduction at a source monthly 365012 43800 Add dividend received ... View the full answer