.Prepare the income tax computation for Richard Allen.
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- Mr. Richard Allen, the director of the hotel, has also requested that your firm assist with the preparation of his 2020 income tax computation. He provided you with the following information: a) Gross salary $7,000,000 per year. b) He was provided with a company car on 1 January 2019. Cost $3,000,000. c) As part of his compensation, he receives a meal allowance of $5,000 per week. d) The company also pays his son school fees for $80,000 per term. (assume 3 terms) e) Rest Well did not deduct any NIS, NHT, Education Tax or PAYE at source. f) Income from the rental of his personal investment property was $500,000. Expenses was $450,000. Capital allowance for this property was $80,000. Required Prepare the income tax computation for Richard Allen. Advise him of his statutory obligations (NIS, NHT, Education Tax & PAYE) iii. Explain to Mr. Allen what the term emoluments means.1. Mr. Richard Allen, the director of the hotel, has also requested that your firmassist with the preparation of his 2020 income tax computation. He provided youwith the following information: a) Gross salary $7,000,000 per year. b) He was provided with a company car on 1 January 2019. Cost $3,000,000. c) As part of his compensation, he receives a meal allowance of $5,000 per week. d) The company also pays his son school fees for $80,000 per term. (assume 3terms) e) Rest Well did not deduct any NIS, NHT, Education Tax or PAYE at source. f) Income from the rental of his personal investment property was $500,000.Expenses was $450,000. Capital allowance for this property was $80,000. Prepare the income tax computation for Richard Allen. Advise him of his statutoryobligations (NIS, NHT, Education Tax & PAYE).Ms. Carol is the Head of Taxation of UniSA Limited. During the financial year 2020-21 she earned following income: Ms. Carol received Taka 12,00,000 as cash salary out of which basic pay was 60%, medical allowance was 20%, transport allowance was 15% and education allowance for children was 5%. The company provided her with a car for official and her family use. She is entitled for two festival bonuses as well as year end festival bonus for 10% of her basic. The maintenance cost of the car is Taka 30,000. Besides the salary of the driver is Taka 15,000 which is directly paid by the UniSA to his account. She was also provided with a residential house against which the company incurred rental expense of Taka 3,10,000. The utilities for the accommodation are monthly Taka 20,000 of which UniSA contributes 70%. Though the company has a Recognized Provident Fund, Ms. Carol did not apply for becoming the member of that Fund. As per the Provident Fund Rules, the contribution…
- During 2021, Garth has a job as a civil engineer where he earns a salary of $120,000. He also has done some tree cutting work on his own, where he has earned a net income of $70,000. What are Garth's total employment (aka FICA) taxes for the year? And, what is the amount and description of the for AGI deduction associated with this calculation? In the text box that follows, please bold your answer at the top and include supporting work afterwards so that I can award partial credit. Edit View Insert Format Tools Table 12pt v Paragraph v |BIU A 2 Tv:Mr. Allen is a 65-year-old Jamaican tax resident. He is the director of a hotel, Allen’s Rest Well Resort. He has requested that your firm assist with the preparation of his 2021 income tax computation. He provided you with the following information: a) Gross salary $7,000,000 per year. b) As a retired teacher, he receives a monthly pension of $75,000 from the Accountant General. PAYE of $225,000 was deducted.c) He sold shares held in NCB for $200,000. Making a gain of $35,000. d) As part of his compensation, he receives a meal allowance of $6,000 per week. e) The company also pays his son school fees for $70,000 per term. (Assume three terms)f) Income from the rental of his personal investment property was $1,500,000. Expenses was $650,000. Capital allowance for this property was $180,000. g) He receives dividend of income of 127,500 (net) form investment held at JMMB. $22,500 withheld at source. h) During the year he paid quarterly estimated tax totaling $80,000 Which tax returns…Mr. Allen is a 65-year-old Jamaican tax resident. He is the director of a hotel, Allen’s Rest Well Resort. He has requested that your firm assist with the preparation of his 2021 income tax computation. He provided you with the following information: a) Gross salary $7,000,000 per year. b) As a retired teacher, he receives a monthly pension of $75,000 from the Accountant General. PAYE of $225,000 was deducted. c) He sold shares held in NCB for $200,000. Making a gain of $35,000. d) As part of his compensation, he receives a meal allowance of $6,000 per week. e) The company also pays his son school fees for $70,000 per term. (Assume three terms) f) Income from the rental of his personal investment property was $1,500,000. Expenses was $650,000. Capital allowance for this property was $180,000. g) He receives dividend of income of 127,500 (net) form investment held at JMMB. $22,500 withheld at source. h) During the year he paid quarterly estimated tax totaling $80,000 Required 1.…
- Mr. Allen is a 65-year-old Jamaican tax resident. He is the director of a hotel, Allen’s Rest Well Resort. He has requested that your firm assist with the preparation of his 2021income tax computation. He provided you with the following information: a) Gross salary $7,000,000 per year. b) As a retired teacher, he receives a monthly pension of $75,000 from the Accountant General. PAYE of $225,000 was deducted. c) He sold shares held in NCB for $200,000. Making a gain of $35,000. d) As part of his compensation, he receives a meal allowance of $6,000 per week. e) The company also pays his son school fees for $70,000 per term. (Assume threeterms) f) Income from the rental of his personal investment property was $1,500,000. Expenses was $650,000. Capital allowance for this property was $180,000. g) He receives dividend of income of 127,500 (net) form investment held at JMMB. $22,500 withheld at source. h) During the year he paid quarterly estimated tax totaling $80,000 Question…Mr. Allen is a 65-year-old Jamaican tax resident. He is the director of a hotel, Allen’s Rest Well Resort. He has requested that your firm assists with the preparation of his 2021 income tax computation. He provided you with the following information: a) Gross salary $7,000,000 per year.b) As a retired teacher, he receives a monthly pension of $75,000 from the Accountant General. PAYE of $225,000 was deducted.c) He sold shares held in NCB for $200,000. Making a gain of $35,000.d) As part of his compensation, he receives a meal allowance of $6,000 per week.e) The company also pays his son's school fees for $70,000 per term. (Assume three terms)f) Income from the rental of his personal investment property was $1,500,000. Expenses were $650,000. The capital allowance for this property was $180,000.g) He receives a dividend of income of 127,500 (net) from an investment held at JMMB. $22,500 withheld at source.h) During the year he paid quarterly estimated tax totaling $80,000 Required1.…Mr. Allen is a 65-year-old Jamaican tax resident. He is the director of a hotel, Allen’s Rest Well Resort. He has requested that your firm assist with the preparation of his 2021 income tax computation. He provided you with the following information: a) Gross salary $7,000,000 per year. b) Asaretiredteacher,hereceivesamonthlypensionof$75,000fromthe Accountant General. PAYE of $225,000 was deducted. c) He sold shares held in NCB for $200,000. Making a gain of $35,000. d) As part of his compensation, he receives a meal allowance of $6,000 per week. e) The company also pays his son school fees for $70,000 per term. (Assume three terms) f) Income from the rental of his personal investment property was $1,500,000. Expenses was $650,000. Capital allowance for this property was $180,000. g) He receives dividend of income of 127,500 (net) form investment held at JMMB. $22,500 withheld at source. h) During the year he paid quarterly estimated tax totaling $80,000…
- Mr. Allen is a 65-year-old Jamaican tax resident. He is the director of a hotel, Allen’s Rest Well Resort. He has requested that your firm assist with the preparation of his 2021income tax computation. He provided you with the following information: a) Gross salary $7,000,000 per year. b) As a retired teacher, he receives a monthly pension of $75,000 from the Accountant General. PAYE of $225,000 was deducted.c) He sold shares held in NCB for $200,000. Making a gain of $35,000. d) As part of his compensation, he receives a meal allowance of $6,000 per week. e) The company also pays his son school fees for $70,000 per term. (Assume threeterms)f) Income from the rental of his personal investment property was $1,500,000. Expenses was $650,000. Capital allowance for this property was $180,000. g) He receives dividend of income of 127,500 (net) form investment held at JMMB. $22,500 withheld at source. h) During the year he paid quarterly estimated tax totaling $80,000 Question: 1. Using the…Mr. Allen is a 65-year-old Jamaican tax resident. He is the director of a hotel, Allen’s Rest Well Resort. He has requested that your firm assist with the preparation of his 2021income tax computation. He provided you with the following information: a) Gross salary $7,000,000 per year. b) As a retired teacher, he receives a monthly pension of $75,000 from the Accountant General. PAYE of $225,000 was deducted. c) He sold shares held in NCB for $200,000. Making a gain of $35,000. d) As part of his compensation, he receives a meal allowance of $6,000 per week. e) The company also pays his son school fees for $70,000 per term. (Assume threeterms) f) Income from the rental of his personal investment property was $1,500,000. Expenses was $650,000. Capital allowance for this property was $180,000. g) He receives dividend of income of 127,500 (net) form investment held at JMMB. $22,500 withheld at source. h) During the year he paid quarterly estimated tax totaling $80,000 Question Which…Mr. Allen is a 65-year-old Jamaican tax resident. He is the director of a hotel, Allen’s Rest Well Resort. He has requested that your firm assist with the preparation of his 2021income tax computation. He provided you with the following information: a) Gross salary $7,000,000 per year. b) As a retired teacher, he receives a monthly pension of $75,000 from the Accountant General. PAYE of $225,000 was deducted. c) He sold shares held in NCB for $200,000. Making a gain of $35,000. d) As part of his compensation, he receives a meal allowance of $6,000 per week. e) The company also pays his son school fees for $70,000 per term. (Assume threeterms) f) Income from the rental of his personal investment property was $1,500,000. Expenses was $650,000. Capital allowance for this property was $180,000. g) He receives dividend of income of 127,500 (net) form investment held at JMMB. $22,500 withheld at source. h) During the year he paid quarterly estimated tax totaling $80,000 Question List…
