Mr Aaron, Malaysian tax resident aged 56-year-old works as senior manager Gagasan Vera Bhd (GVB). For...

  

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Mr Aaron, Malaysian tax resident aged 56-year-old works as senior manager Gagasan Vera Bhd (GVB). For the year 2023, he has received the following remunerations and benefits from STB. . . . . . . Gross salary per month of RM13,500. Bonus amounting to a 1.5-month salary. The bonus was paid for his performance in year 2022. 11% of his salaries and bonus were deducted as his EPF contribution. A total of RM420 had also been deducted from his salaries as his SOCSO and EIS contributions. A total of RM19,000 was deducted from his salaries and bonus as monthly income tax deductions. Entertainment allowance of RM6,000. He spent RM8,000 for official entertainment. A 2021 Nissan Almera worth RM80,000. However, the fuel was borne by himself. A week leave passage for him, his wife, and Mr. Aaron's two siblings to Chiang Mai, Thailand. The breakdown of the expenses is as follows: Flight tickets and travel insurance per person Hotel accommodations, in total Meals, in total RM 1,650 5,800 1,20 A maid with salary of RM1,000 per month A fully-furnished semi-detached house with rental value of RM4,000 per month, including RM600 per month for the furniture. He is a member of IT professional body, a membership relevant to his current job. In year 2023, he paid RM250, the yearly membership fee. Required: Compute statutory income for Mr. Aaron for YA 2023 Please wait... Mr Aaron, Malaysian tax resident aged 56-year-old works as senior manager Gagasan Vera Bhd (GVB). For the year 2023, he has received the following remunerations and benefits from STB. . . . . . . Gross salary per month of RM13,500. Bonus amounting to a 1.5-month salary. The bonus was paid for his performance in year 2022. 11% of his salaries and bonus were deducted as his EPF contribution. A total of RM420 had also been deducted from his salaries as his SOCSO and EIS contributions. A total of RM19,000 was deducted from his salaries and bonus as monthly income tax deductions. Entertainment allowance of RM6,000. He spent RM8,000 for official entertainment. A 2021 Nissan Almera worth RM80,000. However, the fuel was borne by himself. A week leave passage for him, his wife, and Mr. Aaron's two siblings to Chiang Mai, Thailand. The breakdown of the expenses is as follows: Flight tickets and travel insurance per person Hotel accommodations, in total Meals, in total RM 1,650 5,800 1,20 A maid with salary of RM1,000 per month A fully-furnished semi-detached house with rental value of RM4,000 per month, including RM600 per month for the furniture. He is a member of IT professional body, a membership relevant to his current job. In year 2023, he paid RM250, the yearly membership fee. Required: Compute statutory income for Mr. Aaron for YA 2023 Please wait...

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To compute Mr Aarons statutory income for Year of Assessment YA 2023 well take into account the remuneration and benefits he received as well as his v... View the full answer