Mr. Mensah, a board member of Stingy Men Ltd receives a net income of GHÂ¢3600 per month as board fees. He iscurrently also a part-time lecturer at the University of Ghana Business School and received GHA¢54,000 (net of withholdingtax) for lecturing during the 2020 year of assessment. He owns an appartment at airport hills from which he received agross rental income of GHAC84,000 from his tenant covering the half year of 2020. The appartment tradionally attracts aproperty rate of GHÂ¢1,000 per year. What is the tax paid on the rent?A. GHÁC8,400B. GHÅ¢6,720C. GHÂ¢4,200D. GHÅ¢12,600

Net Rental Income:Gross rental income (half-year): GHAC84,000Annualize the income by multiplying by…

Answered: Mr. Mensah, a board member of Stingy…

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter5: Introduction To Business Expenses

Section: Chapter Questions

Problem 56P: Hassad owns a rental house on Lake Tahoe. He uses a real estate firm to screen prospective renters,...

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