Mr. Benkuta has been the Head of Treasury in Bank Du Accra since 2016. For...
60.1K
Verified Solution
Link Copied!
Question
Accounting
Mr. Benkuta has been the Head of Treasury in Bank Du Accra since 2016. For the year 2019 his entitlements were as follows: GHS Salary 14,000 Fully furnished accommodation Vehicle with fuel Inconvenience allowance 3,500 Risk allowance 9,000 Bonus 30% of basic salary He receives cash of GHS450 a month for entertaining visitors. He contributes towards the Social Security Scheme. He has been operating two Urvan buses. His account for the year ended 31 December 2019 showed the following results: GHS GHS Total income 12,000 Less expenses: IRS quarterly stickers 1,250 Repairs and testing 1,550 Drivers and mates 1,500 Petrol and lubricants 2,650 Road tips 2,150 Fines 900 Insurance 850 Depreciation 1,950 Net profit (loss) (800) He is married with five children all of whom are attending schools in the United States of America. Capital Allowance granted for the period amounted to GHS2,850. You are required to determine his tax liability for the 2019 year of assessment.
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
