43-Azzan's monthly salary is £2,000. During the month of August 2019, he received a payment of £1,900 and remaining amount is deducted by the employer and remitted to the HRMC. Which one of the following represents the deduction of £100 from his salary, as per UK Tax Laws? a. Pay As You Earn (PAYE) O b. Personal Allowance O c. Pay As You Spent (PAYS) O d. Annually exempted amount

43-Azzan's monthly salary is £2,000. During the month of August 2019, he received a payment of £1,900 and remaining amount is deducted by the employer and remitted to the HRMC. Which one of the following represents the deduction of £100 from his salary, as per UK Tax Laws? a. Pay As You Earn (PAYE) O b. Personal Allowance O c. Pay As You Spent (PAYS) O d. Annually exempted amount

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter4: Gross Income: Concepts And Inclusions

Section: Chapter Questions

Problem 21CE

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On January 1, 2019, Kunto, a cash basis taxpayer, pays 46,228 for a 24-month certificate. The certificate is priced to yield 4% (the effective interest rate) with interest compounded annually. No interest is paid until maturity, when Kunto receives 50,000. In your computations: a. Compute Kuntos gross income from the certificate for 2019. b. Compute Kuntos gross income from the certificate for 2020. Round any amounts to the nearest dollar.
During 2019, Carl (a single taxpayer) has a salary of $91,500 and interest income of $11,000. Calculate the maximum contribution Carl is allowed for an educational savings account. $0 $400 $1,000 $2,000 Some other amount
1-The employer provided the accommodation to its employee costing £ 80,000 with annual value of £1,000 and the official rate of interest of 2.5% during the tax year 2019/20. Accommodation is not job related. Which one of the following is taxable benefit from accommodation as per the UK tax laws? O a. None of the options b. £125 O C. £1,125 O d. £1,000
From the following data, calculate the tax payable by Mr. Sohail Aslam for the year ended 30th June, 2019; a) Salary Rs. 195,000/- p.m b) Special Pay Rs. 25,000/- p.m c) Bonus for the year Rs. 585,000/- d) Conveyance allowance Rs. 15,000/- p.m e) Free accommodation provided by the employer. He was entitled to a house allowance of Rs. 420,000/- f) Medical expenses reimbursed by his employer under the contract of employment Rs. 24,600/- R) Zakat paid under Zakat Ordinance during the year Rs. 48,000/- h) Donation to approved charitable institutions under section 61 Rs. 500,000/- ) Legal expenses during the year Rs. 30,000/- Amount paid for approved pension scheme during the year Rs. 190,000/- k) Shares of listed companies Purchased Rs. 1000,000/-
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30-The employer provided the accommodation to its employee costing £50,000 with annual value of £1,500 and the official rate of interest of 2.5% during the tax year 2019/20. It is job related accommodation. Which one of the following is taxable benefit from the accommodation as per the UK tax laws? O a. £1,000 O b. £2,500 O c. £1,500 O d. None of the options