Martha is an Australian and has been working as an engineer for OCC Sdn Bhd in...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Martha is an Australian and has been working as an engineer for OCC Sdn Bhd in Malaysia for a few years. Her contract ends on 28 February 2022, she utilised all her accumulated annual leave before the end of her contract and moved back permanently to Australia on 31 December 2021. Her income is as follows: RM Salary 10,000 per month 1,000 per month Travelling allowance Martha was only entitled to the travelling allowance if she carries out her duties in that month. OCC purchased a new car worth RM 70,000 to be used for her official duties with no fuel provided. She stayed in a semi-furnished house (equipped with air-conditioner) rented by the company until she left Malaysia. The house was rented at a monthly rent of RM 4,300, of which, RM 300 was for the furnishing. During the year 2021, Martha incurred a total travelling expense of RM 1,500 because she needed to travel between multiple petroleum refinery plants. All receipts for travel were properly kept. Required: Compute the employment income for Martha for the year of assessment 2021, DTA is to be disregarded. (5 marks) Martha is an Australian and has been working as an engineer for OCC Sdn Bhd in Malaysia for a few years. Her contract ends on 28 February 2022, she utilised all her accumulated annual leave before the end of her contract and moved back permanently to Australia on 31 December 2021. Her income is as follows: RM Salary 10,000 per month 1,000 per month Travelling allowance Martha was only entitled to the travelling allowance if she carries out her duties in that month. OCC purchased a new car worth RM 70,000 to be used for her official duties with no fuel provided. She stayed in a semi-furnished house (equipped with air-conditioner) rented by the company until she left Malaysia. The house was rented at a monthly rent of RM 4,300, of which, RM 300 was for the furnishing. During the year 2021, Martha incurred a total travelling expense of RM 1,500 because she needed to travel between multiple petroleum refinery plants. All receipts for travel were properly kept. Required: Compute the employment income for Martha for the year of assessment 2021, DTA is to be disregarded. (5 marks)
Expert Answer:
Answer rating: 100% (QA)
Answers The employment income of Martha in the period of 10 months Feb 28 to Dec 2... View the full answer
Related Book For
Posted Date:
Students also viewed these finance questions
-
The Crazy Eddie fraud may appear smaller and gentler than the massive billion-dollar frauds exposed in recent times, such as Bernie Madoffs Ponzi scheme, frauds in the subprime mortgage market, the...
-
You are required to prepare personal income tax returns using a tax software as part of the evaluation components for this course. The case study covers all the rules learned in this course. The...
-
For the last five years, Mrs. Rosetta Stone has been working as a technical writer and translator for Brandan Books Incorporated, (BB Inc.), a Canadian controlled private company located in Kamloops,...
-
Social welfare is maximized when O Total social benefits have been maximized O total social costs have been minimized O total social costs equal total social benefits O marginal social costs equal...
-
Pryce Company owns equipment that cost $65,000 when purchased on January 1, 2011. It has been depreciated using the straight-line method based on estimated salvage value of $5,000 and an estimated...
-
Show how you would use a Suzuki reaction to synthesize the following biaryl compound. As starting materials you may use the two indicated compounds, plus any additional reagents you need. Make OCH3...
-
The comparative balance sheet of Fitzwater Company at March 31, 2009, reported the following: Fitzwater's transactions during the year ended March 31, 2009, included the following: Requirements 1....
-
Transactions made by M. Alberti and Co., a law firm, for the month of March are shown below and on the next page. Prepare a tabular analysis which shows the effects of these transactions on the...
-
IBM has an equity beta of 1.6, market value of debt of $12.08 billion, and market value of equity of $143.48 billion. Its pre-tax cost of debt capital is 7.5% and the tax rate is 35%. What is the...
-
Fitz Products Inc. reported $1,075,049 profit in 2023 and declared preferred dividends of $75,100. The following changes in common shares outstanding occurred during the year. Jan. 1 78,000 common...
-
(c) Consider the following piece of incomplete pseudocode: function SUM(n) a 0 while n > 0 do a+a+n n+MISSING end while return a end function When completed, this function should return the same...
-
What are the key features of the ACA?
-
What is pay-for-performance reimbursement?
-
The more candy bars you add to your diet per day, the more weight you gain (all other factors, such as the amount of exercise you get, being equal). Is this an example of a direct proportion or an...
-
How does period affect the definition of fixed costs?
-
The Fulcrum Company produces decorative swivel platforms for home televisions. If Fulcrum produces 40 million units, it estimates that it can sell them for \($100\) each. Variable production costs...
-
The 10-year Coupon Bond has a face value of $1,000, the annual coupon rate is 5 percent (out of its face value), the yield to maturity is 10 percent. (2.a) show me the cash flows of this coupon bond,...
-
In the busy port of Chennai, India, the number of containers loaded onto ships during a 15-week period is as follows: 1. Develop a linear trend equation to forecast container loadings. 2. Using the...
-
1. Outline the steps to go through to seek redress. 2. Summarize the FTC's cooling-off rule to cancel a contract. 3. Distinguish between mediation and arbitration. 4. How do lemon laws work?
-
(a) Review the familys budget and make suggestions about how to modify various budget estimates so that they could save $200 per month for the education fund. (b) Briefly describe the effect of your...
-
1. Explain the purpose and value of a lease for both the renter and the landlord. 2. Distinguish between periodic tenancy and tenancy for a specific time when renting housing. 3. Identify three ways...
-
An auditor attempts to obtain the most persuasive evidence available. What general criteria can an auditor apply to evaluate the competence of evidence?
-
Explain the terms sufficient, competent, and evidential matter as used in the third standard of field work.
-
Identify and briefly describe the major files that are typically maintained separately from audit working papers.
Study smarter with the SolutionInn App