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Mr Simangolwa was in full time employment whilst undertaking a number of investment initiatives.
The following were his financial transactions under the year March 2020.
- Employment Income
Salary 480,000
NAPSA 3,200
Leave Pay 40,000
PAYE 48,000
- Business Income
Business Profit K160,000
The Business profit was after the following adjustments but before Capital Allowances of K222,000
Depreciation K280,000
Fine for Driving carelessly K14,000
- Mr Simangolwa also owns investments whose incomes he received net were:
Rent K96,000
Royalties K52,000
- Note that Mr Simangolwa made the following payaments during the year
Donation to Cheshire Homes (An Approved Charity) for K4,000
Payments for Mortgage Interest K2,500
Required:
Compute the total Income Tax payable by Mr Simangolwa
Answer & Explanation
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