Please provide calculation step by step Simon has a contract of employment with Looksee Bhd. Simon's income forthe year ended 31 December 2022 is as follows:RMi.168,00030,000Bonus42,000Looksee Bhd provides Simon with benefits and incurred expenses as detailedbelow. Unless otherwise stated, the benefits were provided for the full yearended 31 December 2022.ii.iv.V.vi.vii.iii.ix.SalaryEntertainment allowanceThe income tax payable by Simon is borne by the company. Income taxpayable by Simon for the year of assessment 2018 amounted toRM67,500.The gift of a computer with market value of RM2,500.Monthly subscription in respect of Simon's membership to a golf club,amounting to RM18,000.Reimbursement of salary in respect of a driver employed by Simon,amounting to RM12,000.A domestic helper for Simon employed by Looksee Bhd at a monthlysalary of RM1,300 commencing from July 2022.Childcare benefit for Simon's son, costing RM3,500.Hotel room charges amounting to RM25,000, from 1 January 2022 to 31March 2022.The use of an unfurnished house provided to Simon by Looksee Bhd from1 April 2022 1 to 31 December 2022. The company incurred a rentalexpense at RM13,000 per month. Simon was required by Looksee Bhd tocontribute: sum of RM250 per month for the maintenance of the premises,commencing from 1 April 2022.Simon claimed the following expenses incurred by him during 2022:Entertainment expensesContribution to the company for maintenance of premises (as per 8 above)A gift of money donated to an approved institutionEmployees Provident Fund contributionsSimon is married with a child, aged ten. His wife is not working.RequiredCompute the chargeable income of Simon for the year of assessment 2022.RM36,0002,25040,00026,400

It is the income of a taxpayer on which the revenue authorities will impose tax. The taxable is the…

Simon has a contract of employment with Looksee Bhd. Simon's income for the year ended 31 December 2022 is as follows: RM Salary Entertainment allowance 168,000 30,000 Bonus 42,000 Looksee Bhd provides Simon with benefits and incurred expenses as detailed below. Unless otherwise stated, the benefits were provided for the full year ended 31 December 2022.

Simon has a contract of employment with Looksee Bhd. Simon's income for the year ended 31 December 2022 is as follows: RM Salary Entertainment allowance 168,000 30,000 Bonus 42,000 Looksee Bhd provides Simon with benefits and incurred expenses as detailed below. Unless otherwise stated, the benefits were provided for the full year ended 31 December 2022.

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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