Mr. Allen is a 65-year-old Jamaican tax resident. He is the director of a hotel, Allen’s Rest Well Resort. He has requested that your firm assist with the preparation of his 2021 income tax computation. He provided you with the following information: Gross salary $7,000,000 per year.As a retired teacher, he receives a monthly pension of $75,000 from the Accountant General. PAYE of $225,000 was deducted.He sold shares held in NCB for $200,000. Making a gain of $35,000.As part of his compensation, he receives a meal allowance of $6,000 per week.The company also pays his son school fees for $70,000 per term. (Assume three terms)Income from the rental of his personal investment property was $1,500,000.Expenses was $650,000. Capital allowance for this property was $180,000. 7. He receives dividend of income of 127,500 (net) form investment held at JMMB.$22,500 withheld at source. 8. During the year he paid quarterly estimated tax totaling $80,000RequiredList the filing and payment requirements including due dates that Mr. Allen should observe

Answered: Mr. Allen is a 65-year-old Jamaican tax…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Mr. Allen is a 65-year-old Jamaican tax resident. He is the director of a hotel, Allen’s Rest Well Resort. He has requested that your firm assist with the preparation of his 2021 income tax computation. He provided you with the following information:

Gross salary $7,000,000 per year.
As a retired teacher, he receives a monthly pension of $75,000 from the Accountant General. PAYE of $225,000 was deducted.
He sold shares held in NCB for $200,000. Making a gain of $35,000.
As part of his compensation, he receives a meal allowance of $6,000 per week.
The company also pays his son school fees for $70,000 per term. (Assume three terms)
Income from the rental of his personal investment property was $1,500,000.

Expenses was $650,000. Capital allowance for this property was $180,000.

7. He receives dividend of income of 127,500 (net) form investment held at JMMB.

$22,500 withheld at source.

8. During the year he paid quarterly estimated tax totaling $80,000

Required

List the filing and payment requirements including due dates that Mr. Allen should observe

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