OO! Grace, a self-employed married woman with two children who both attend basic schools in Ghana trades
Question:
OO! Grace, a self-employed married woman with two children who both attend basic schools in Ghana trades as Mbrewa Din Enterprise. She commenced business on 1st January 2022 and submitted the following extracts of her financial statements for the year ended 2022.
GHSGHS
Gross Profit b/d157,000
Interest on Savings Account20,200
Gifts received1,500
Interest on Treasury Bills7,900
Auditors Fees8,000
Depreciation of assets12,000
Computers purchased25,000
PAYE paid on his Personal Salary4,500
SSF Contribution (Other Staff)3,960
Office Rent24,000
Personal salary(Net)72,000
Penalties and Fines4,300
Vehicle purchased for company use18,000
Vehicle purchased for CEO's use18,000
Transport13,000
Net Loss- 16,160
186,600186,600
Assume all assets were purchased at cost at the beginning of the accounting period
Required
Determine the Chargeable Income of OO! Grace for the 2022 year of Assessment
Support your computations with relevant explanations
Compute all Taxes payable using the 2022 rates
Smith and Roberson Business Law
ISBN: 978-0538473637
15th Edition
Authors: Richard A. Mann, Barry S. Roberts