FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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- Ms. Berry is employed as an Accounts Manager in the Jamaican company ADM Limited. In 2022, she earned a monthly salary of $820,000.00. She also sits on the board of directors of FHC Company Limited where she receives director’s fees of $7,500.00 per month. She contributes 10% of her gross emoluments to the Superannuation Pension Plan. Under the Jamaican Labour Laws, every employee is expected to contribute 3% of their gross emoluments/ salaries up to a maximum of $5,000,000.00 p.a. Calculate Ms. Berry’s MONTHLY tax deduction under the PAYE system if the annual income tax threshold $1,500,096 p.a Persons with monthly income below$500,000 pay tax at 25% and those above pays tax at 30%. The monthly PAYE is: Question 34Answer a. $163648 b. $189,748 c. $153,061 d. $162,748arrow_forwardwhat exactly is a cookie jar reserve? Does using a cookie jar reserve follow GAAP? Does using a cookie jar reserve appear to be an ethical practice? Support your opinion. Your post should be more than a single sentence.arrow_forwardwhy did you not answer b?arrow_forward
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