Mr Amman (aged 40) has been employed by a Malaysian company since 1 January 2007 as...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Mr Amman (aged 40) has been employed by a Malaysian company since 1 January 2007 as a retail manager. However, his service was terminated by the company on 30 April 2021 due to non-performance. Upon his termination, he received a compensation of RM100,000. For the basis year 2021, his remuneration package was as follows: 1. Monthly salary of RM10,000. 2. Entertainment allowance of RM3,500 per month of which 70% was used for business purposes. 3. Leave passage to Sabah paid by the company amounted to RM4,500 (RM1,200 for air ticket, RM1,300 for food and the balance for accommodation). 4. A 6 year old Toyota Vios at a cost of RM190,000 was provided to him. 5. A driver was provided by the company with a salary of RM1,100 per month. On 1 July 2021, he joined his brother's company as a director. He owns 8% shares in the company. Below are the income and benefits received during the year 2021. i) Monthly director fees of RM15,000. ii) Corporate membership to the Selangor Golf Club, both entrance fee of RM3,450 and monthly subscription fee of RMS00 were paid by company. iii) Medical and dental expenses for Mr Amman and his family for the year 2021 was RM2,600. iv) Tuition fees of RM5,000 was paid by the company for his son's education in private college. v) The company provided him a fully furnished bungalow with a monthly rental value of RM3,600, inclusive of RM750 for monthly furniture rental, effective from 1 July 2021. vi) Reimbursement of salary of RM800 per month for a domestic servant employed by Mr Amman. vii) A gardener with a salary of RM700 per month was paid by the company. Required: Compute the statutory employment income of Mr Amman for the year of assessment (15 marks) 2021. Mr Amman (aged 40) has been employed by a Malaysian company since 1 January 2007 as a retail manager. However, his service was terminated by the company on 30 April 2021 due to non-performance. Upon his termination, he received a compensation of RM100,000. For the basis year 2021, his remuneration package was as follows: 1. Monthly salary of RM10,000. 2. Entertainment allowance of RM3,500 per month of which 70% was used for business purposes. 3. Leave passage to Sabah paid by the company amounted to RM4,500 (RM1,200 for air ticket, RM1,300 for food and the balance for accommodation). 4. A 6 year old Toyota Vios at a cost of RM190,000 was provided to him. 5. A driver was provided by the company with a salary of RM1,100 per month. On 1 July 2021, he joined his brother's company as a director. He owns 8% shares in the company. Below are the income and benefits received during the year 2021. i) Monthly director fees of RM15,000. ii) Corporate membership to the Selangor Golf Club, both entrance fee of RM3,450 and monthly subscription fee of RMS00 were paid by company. iii) Medical and dental expenses for Mr Amman and his family for the year 2021 was RM2,600. iv) Tuition fees of RM5,000 was paid by the company for his son's education in private college. v) The company provided him a fully furnished bungalow with a monthly rental value of RM3,600, inclusive of RM750 for monthly furniture rental, effective from 1 July 2021. vi) Reimbursement of salary of RM800 per month for a domestic servant employed by Mr Amman. vii) A gardener with a salary of RM700 per month was paid by the company. Required: Compute the statutory employment income of Mr Amman for the year of assessment (15 marks) 2021.
Expert Answer:
Answer rating: 100% (QA)
Amounts RM Solution Mr Amman Statutory Emplogment Income For Asses... View the full answer
Posted Date:
Students also viewed these accounting questions
-
(a) Alfred is employed by a Malaysian company under five year contract. His duties include visits, not exceeding 30 days in any one year, to supervise the companys operations in neigbouring...
-
A customer service representative had been employed by a company for about eight years and had received three promotions during that time. He had moved up to a position where he was responsible for...
-
Carina Cooks has been employed by Realfood Restaurant Group (RRG) for around 3 years. Cooks was first hired as a line cook. After seeing Cooks potential, Cooks was quickly promoted to Sous Chef. At...
-
A dry cell battery has just been connected to a light bulb. Explain energy transfer and energy transformation in this process when the Temperature of the battery and lightbulb is increasing
-
For the population of individuals who own an iPhone, suppose p = 0.25 is the proportion that has a given app. For a particular iPhone owner, let x = 1 if they have the app and x = 0 otherwise. For a...
-
Suppose a fast-food restaurant wishes to estimate average sales volume for a new menu item. The restaurant has analyzed the sales of the item at a similar outlet and observed the following results:...
-
Indianapolis Auto Parts (IAP) has a Seat Manufacturing Department that uses ABC. IAPs activity cost allocation rates include the following: Suppose Ford has asked for a bid on 50,000 built-in baby...
-
During 2014, William purchases the following capital assets for use in his catering business: New passenger automobile (September 30). $21,500 Baking equipment (June 30) 6,500 Assume that William...
-
6. For the given first order reaction 7. AB The half life of the reaction is 0.3010 min. The ration of the initial concentration of reactant to the concentration of reactant at time 2.0 min will be...
-
Suppose you are a bank lending officer at the Midtown National Bank considering a loan request from Miller Manufacturing company for $1.05 million. The firm currently has $1 million in equity and its...
-
Suppose that X1, X2,..., Xn, is a random sample from the exponential distribution with rate >> 0. Find the MLE for P(X > 1) where X is a future sampled value.
-
Does changing the value of the charges affect the value of k in Coulomb's law? Yes, the value of k will increase as the value of the charges increase. Yes, the value of k will decrease as the value...
-
The European System of Central Banks (ESCB) is similar to the Federal Reserve System in that: O A. monetary operations are centralized. B. it is structured such that the central banks for each...
-
4.) An airplane flies because of the lift force generated by the pressure difference between the top and bottom of the wing. The mass of the airplane is 1353 kg and the total area of the wings is...
-
kg m 2.) In an industrial plant, olive oil of density 875 flows from a tank via a hose of diameter 3.00cm that has a pressure of 3.3x105 Pa and has a speed of 2m/s. The olive oil moves upwards a...
-
Three point charges, +5.8 C, +2.4 C, and -2.4 C, lie along the x-axis at 0 cm, 2.4 cm, and 5.7 cm, respectively. What is the force exerted on q by the other two charges? (To the right is positive.)...
-
Which search method takes less memory? ( ( a ) ) Depth - First search. ( ( b ) ) Breadth - First search. ( ( c ) ) Linear search. ( ( d ) ) Optimal search. ( ( e ) ) Random search.
-
Write the binomial probability in words. Then, use a continuity correction to convert the binomial probability to a normal distribution probability. P(x 110)
-
A space traveler discovers an object that accelerates in her reference frame. Which conclusion is correct? (a) Her reference frame is noninitial. (b) The object is not isolated. (c) You cannot tell.
-
Is it always possible to choose a zero-momentum reference frame for an isolated system that contains more than two objects?
-
Consider the choice among the four lotteries depicted in Table 7.1. These lotteries are characterized by uncertain payoffs, which we model by four discrete random variables taking values...
Study smarter with the SolutionInn App