Mr. Benkuta has been the Head of Treasury in Bank Du Accra since 2016. For the year 2019 his entitlements were as follows:
GHS
Salary 14,000
Fully furnished accommodation
Vehicle with fuel
Inconvenience allowance 3,500
Risk allowance 9,000
Bonus 30% of basic salary
He receives cash of GHS450 a month for entertaining visitors. He contributes towards the Social Security Scheme. He has been operating two Urvan buses. His account for the year ended 31 December 2019 showed the following results:
GHS GHS
Total income 12,000
Less expenses:
IRS quarterly
stickers
1,250
Repairs and testing 1,550
Drivers and mates 1,500
Petrol and
lubricants
2,650
Road tips 2,150
Fines 900
Insurance 850
Depreciation 1,950
Net profit (loss) (800)
He is married with five children all of whom are attending schools in the United States of America. Capital Allowance granted for the period amounted to
GHS2,850.
You are required to determine his tax liability for the 2019 year of assessment.

Answer rating: 100% (QA)

Income from Salary Basic Salary 14000 per month Inconvinence Allowance add ... View the full answer