Mr. Foo, a non-active NS man, derived the following income in 2021: Employment income from SIA:...
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Mr. Foo, a non-active NS man, derived the following income in 2021: Employment income from SIA: Salary of $80,000 and bonus of $12,000. Interest: POSB savings account of $250; UOB Bank savings account of $50. Mr. Foo is a divorcee, aged 44. In 2021, he paid alimony of $1,800 to his ex-wife. His parents live with him. They do not have income of their own and depend on him solely for financial support. Mr. Foo has 2 children: Adam Foo, 21 years old and married, is studying in NUS. Betty Foo, 17 years old, is studying in Temasek Polytechnic. M Both his children including his daughter-in-law are living with him and maintained by him. Mr. Foo also employed a foreign maid to help him care for his aged parents with effect from 1 May 2021. He paid the lower levy. Mr. Foo contributed CPF according to statutory requirements. Required: Compute his tax payable for the relevant YA. Mr. Foo, a non-active NS man, derived the following income in 2021: Employment income from SIA: Salary of $80,000 and bonus of $12,000. Interest: POSB savings account of $250; UOB Bank savings account of $50. Mr. Foo is a divorcee, aged 44. In 2021, he paid alimony of $1,800 to his ex-wife. His parents live with him. They do not have income of their own and depend on him solely for financial support. Mr. Foo has 2 children: Adam Foo, 21 years old and married, is studying in NUS. Betty Foo, 17 years old, is studying in Temasek Polytechnic. M Both his children including his daughter-in-law are living with him and maintained by him. Mr. Foo also employed a foreign maid to help him care for his aged parents with effect from 1 May 2021. He paid the lower levy. Mr. Foo contributed CPF according to statutory requirements. Required: Compute his tax payable for the relevant YA.
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To compute Mr Foos tax payable for the year 2021 we need to calculate his total income and deduct hi... View the full answer
Related Book For
Introduction To Federal Income Taxation In Canada
ISBN: 9781554965021
33rd Edition
Authors: Robert E. Beam, Stanley N. Laiken, James J. Barnett
Posted Date:
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