Mr Harris earned 1,040 from his employer in the week ending 12 September 2022. His employer...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Mr Harris earned £1,040 from his employer in the week ending 12 September 2022. His employer also provided him with a company car throughout the year. Mrs Harris is self-employed and in 2022/23 had trading profits of £49,800. Required: a) Compute the primary and secondary Class 1 National insurance (NI) contributions relating to the payment to Mr Harris for the week ended 12 September 2022. 5 marks b) Explain how Mr Harris' employee benefit of a company car is treated for Nl purposes. 3 marks c) Compute the self-employed NI payable by Mrs Harris for 2022/23. 5 marks d) Explain the nature of the national insurance contributions that are required to be paid in respect of an employee who is over the pensionable age. Discuss whether you consider NI to be a progressive tax or a regressive tax. 3 marks Mr Harris earned £1,040 from his employer in the week ending 12 September 2022. His employer also provided him with a company car throughout the year. Mrs Harris is self-employed and in 2022/23 had trading profits of £49,800. Required: a) Compute the primary and secondary Class 1 National insurance (NI) contributions relating to the payment to Mr Harris for the week ended 12 September 2022. 5 marks b) Explain how Mr Harris' employee benefit of a company car is treated for Nl purposes. 3 marks c) Compute the self-employed NI payable by Mrs Harris for 2022/23. 5 marks d) Explain the nature of the national insurance contributions that are required to be paid in respect of an employee who is over the pensionable age. Discuss whether you consider NI to be a progressive tax or a regressive tax. 3 marks
Expert Answer:
Related Book For
Canadian Income Taxation Planning And Decision Making
ISBN: 9781259094330
17th Edition 2014-2015 Version
Authors: Joan Kitunen, William Buckwold
Posted Date:
Students also viewed these accounting questions
-
Jim McEntee is provided with a company car which he is allowed to use for private purposes. The car was purchased on 1 November 2017 for $40,000. During the year Jim drove the car 30,000 km of which...
-
How does a primary market differ from a secondary market? Where are most securities traded: in the primary or the secondary market?
-
An employee who worked as a new car porter for a car dealership sued his employer for discrimination. Car porters get paid slightly more than the minimum wage. The dealership had in place an...
-
4. (8 points) Fill in with =, >, >=,
-
Mia Kaminsky, owner of a Starbucks franchise, loaned $40,000 to Lee Reese to help him open a new flower shop online. Lee plans to repay Mia at the end of 5 years with 4% interest compounded...
-
Christine and her spouse, Eric, have been setting money aside each year for retirement. A number of years ago, they decided that once they had children Christine would continue to work and Eric would...
-
Keurig Green Mountain is a specialty coffee company. It sources, makes, and sells coffee, hot cocoa, teas, and other beverages under various brands in portion packs for its Keurig brewing system. The...
-
You are working with William Bond, CPA, and you are considering the risk of material misstatement in planning the audit of Toxic Waste Disposal (TWD) Companys financial statements for the year ended...
-
11. A planet is revolving around the sun in an elliptical orbit. The mass of planet is m, angular momentum of planet about sun is L, and length of semi major axis is a and eccentricity are e. Time...
-
Spa Ariana promotes itself as an upscale spa offering a variety of treatments, including massages, facials, and manicures, performed in a luxurious setting by qualified therapists. The owners of Spa...
-
Figurine Co. buys pre-cut wooden blocks and makes woodenfigurines out of them. The process consists of two steps. First,the Carving step carves the wooden blocks into figurines. Second,the Finishing...
-
On July 1, Liz steals two blank checks from her employer, Daves Market. On July 3, Liz forges Daves signature and cashes the first check. The check is returned with Daves monthly statement from First...
-
Which is the largest component of GDP? a. consumption b. investment c. government purchases d. net exports
-
A bank in the collection chain must normally pass a check on before midnight of the next banking day following receipt.(TRUE/FALSE)
-
A forged drawers signature on a check is as effective as the signature of the person whose name is signed.(TRUE/FALSE)
-
All funds deposited in all bank accounts must be available for withdrawal no later than the next business day.(TRUE/FALSE)
-
Suppose Bank A earns 2 percent on assets (ROA), while Bank B earns 2.5 percent (ROA). a) Estimate the return on equity (ROE) and equity multiplier (EM) if Bank A's equity to asset ratio is 5%, and...
-
The following processes constitute the air-standard Diesel cycle: 12: isentropic compression,23: constant-volume energy addition (T and P increase),34: constant-pressure energy addition (v...
-
Why may it be worthwhile for a corporation to pay an additional salary or bonus to its shareholder/manager, even though he or she does not require additional funds?
-
Briefly explain why an individual who receives dividends from a Canadian corporation must include 118% or 138% of the dividend received in income for tax purposes, while a corporation receiving the...
-
In describing who is liable for tax in Canada, the Income Tax Act simply states, An income tax shall be paid, as required by this Act, on the taxable income for each taxation year of every person...
-
Define internal combustion engine and explain how it is different from external combustion engines?
-
In I.C. engines, power developed inside the cylinder is known as: (a) Brake horse power (b) Indicated horse power (c) Pumping power (d) None of the above
-
The power spent in suction and exhaust strokes are known as: (a) Brake horse power (b) Indicated horse power (c) Pumping power (d) None of the above
Study smarter with the SolutionInn App