Mr. Kazi Kwisha is an employee of Malenge Limited. He has provided you with the following information
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Question:
Mr. Kazi Kwisha is an employee of Malenge Limited. He has provided you with the following information for the year ended 31st December, 2019.
- Basic salary per month sh. 45,000 (PAYE sh. 3,000) and was given a bonus of sh. 90,000 at the year end.
- Pension from previous employment is sh. 30,000 p.m.
- Staff meals provided by the employer sh. 3,000 p.m.
- He is housed by the company which deducts sh. 3,000 from his pay as rent.
- He is provided with a company car with an engine capacity of 2,000 cc whose value as at 1st January 2019 was sh. 600,000.
- He contributed sh. 400,000 during the year to a registered pension scheme.
- He owns a poultry farm. The following information was extracted from the farm records for the year ended 31st December 2019;
- Gross farm receipts sh. 100,000
- Labour wages sh. 80,000
- Miscellaneous expenses sh. 40,000
Required:
- Calculate the taxable income, if any, for Mr. Kazi Kwisha for the year ended 31st December 2019.
- Calculate the tax payable, if any, Mr. Kazi Kwisha for the year ended 31st December 2019.
Related Book For
Principles of Accounting
ISBN: 9780077300456
1st edition
Authors: Robert Libby, Patricia Libby, Fred Phillips, Stacey Whitecotton
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