Reference no: EM133161024
Question - Jamaica taxation - Adjusted profit for tax purpose - Complete the following question - John owns and operates a boutique in the Montego Bay area. His net profit for the year of assessment 2019 was $4,000, 000 after charging the following:
$
Electricity 151,800
Insurance 83,100
Depreciation 400,000
Miscellaneous expenses 500,000
Wages & salaries 7,500,000
Bad debts (specific) 130,000
Tax penalty 120,000
Utilities 105,000
Repairs and Maintenance 1,700,000
Consultancy 100,000
General provision for bad debts 140,000
Additional Information:
1. Salaries and wages include an amount of $130,000 that is paid to John Monthly.
2. Miscellaneous expenses include $9,000 per week for a household helper. The helper works a quarter of her time to the store.
3. One third of the utilities relate to the owner's private use.
4. Capital allowances for the year assessment amounted to $320,000 and balancing charges of $40,000
5. Donations to an approved charitable intuition for $270,000 were not recorded in the accounts.
6. He paid estimated taxes during the year of $410,000.
Required -
1. Calculate John's Income tax liability for the year of assessment 2019, taking into account the fact that he is 66 years old.
2. Make relevant notes.
|
Calculate the apr and rear
: Calculate the APR and rEAR assuming the loan is a simple interest loan and has a 20% compensating balance requirement
|
|
How the skills contribute to persuasive writing
: How can you apply communication, problem solving, and innovation to your personal, professional, and academic life?
|
|
Draw up a policy statement regarding vacations
: Draw up a policy statement regarding vacations, sick leave, and paid days off for Carter Cleaning Centers.
|
|
Study for an mba in human resources
: You are applying for a full scholarship to study for an MBA in Human Resources. How will this allow you to achieve your goals, and what impact it will have?
|
|
Calculate john income tax liability
: He paid estimated taxes during the year of $410,000. Calculate John's Income tax liability for the year of assessment 2019
|
|
Critique the bank policy of giving cost-of-living raises
: 1. If you were on the HR committee of State Bank, what decisions would you suggest regarding raises for the tellers?
|
|
Achievement of district vision and mission
: How does the culture and climate of a school district impact the achievement of the district's vision and mission?
|
|
Explain why organizational commitment is important
: Explain why organizational commitment is important for ONE occupational group of your choice. 300 words at least, please.
|
|
Bringing corporate and workforce strategies
: Using Cleveland clinic. Compare and contrast the key activities involved in bringing corporate and workforce strategies together.
|