Homework Help is Here – Start Your Trial Now!
Business
Accounting
Determine the Tax Credit Relief (if any) due to Professor Mohammed Ibrahim in the year 2019. The following tax rates are applicable:

Determine the Tax Credit Relief (if any) due to Professor Mohammed Ibrahim in the year 2019. The following tax rates are applicable:

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

5

b. Professor Mohammed Ibrahim, the Director of the Consultancy and Training Unit of University of Professional Studies, Accra (UPSA) has been on a salary scale of GHC 18,000 X 6,000- GHC 54,000 per annum since July 2016. He contributes 5.5% of his salary to the Social Security Scheme. In the year 2019, Professor Mohammed Ibrahim received an amount of GHC 2,280 from his investments in France where he served as an Associate Professor of Crème De La Crème University before coming. A tax of GHC 720 has been withheld in France. Ghana has a double taxation agreement with France. Required: Determine the Tax Credit Relief (if any) due to Professor Mohammed Ibrahim in the year 2019. The following tax rates are applicable: No Chargeable income Rate of tax 1. First GHS 3,828 Nil 2. Next GHS 1,200 5 percent 3. 4. 5. 6. Next GHS 1,440 Next GHS 36,000 Next GHS 197,532 Exceeding GHS 240,000 10 percent 17.5 percent 25 percent 30 percent 1/3
Transcribed Image Text:b. Professor Mohammed Ibrahim, the Director of the Consultancy and Training Unit of University of Professional Studies, Accra (UPSA) has been on a salary scale of GHC 18,000 X 6,000- GHC 54,000 per annum since July 2016. He contributes 5.5% of his salary to the Social Security Scheme. In the year 2019, Professor Mohammed Ibrahim received an amount of GHC 2,280 from his investments in France where he served as an Associate Professor of Crème De La Crème University before coming. A tax of GHC 720 has been withheld in France. Ghana has a double taxation agreement with France. Required: Determine the Tax Credit Relief (if any) due to Professor Mohammed Ibrahim in the year 2019. The following tax rates are applicable: No Chargeable income Rate of tax 1. First GHS 3,828 Nil 2. Next GHS 1,200 5 percent 3. 4. 5. 6. Next GHS 1,440 Next GHS 36,000 Next GHS 197,532 Exceeding GHS 240,000 10 percent 17.5 percent 25 percent 30 percent 1/3
Expert Solution
steps

Step by step

Solved in 2 steps with 1 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS