Scribd Logo
Upload

Welcome to Scribd!

  • Tax Skills Roland

    Uploaded by

    tafadzwamapfumo980
    5 views2 pages
    The document provides details of Mr. Samson Mbanje's taxable income for the year ending 31 December 2020, including gross income from various sources totaling $1,747,200, exemptions totaling $257,000, allowable deductions totaling $295,200, resulting in a taxable income of $1,195,000 and a tax liability of $582,465 including AIDS levy.

    Original Description:

    Copyright

    © © All Rights Reserved

    Available Formats

    XLSX, PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    Report this Document
    The document provides details of Mr. Samson Mbanje's taxable income for the year ending 31 December 2020, including gross income from various sources totaling $1,747,200, exemptions totaling $257,000, allowable deductions totaling $295,200, resulting in a taxable income of $1,195,000 and a tax liability of $582,465 including AIDS levy.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    5 views2 pages

    Tax Skills Roland

    Uploaded by

    tafadzwamapfumo980
    The document provides details of Mr. Samson Mbanje's taxable income for the year ending 31 December 2020, including gross income from various sources totaling $1,747,200, exemptions totaling $257,000, allowable deductions totaling $295,200, resulting in a taxable income of $1,195,000 and a tax liability of $582,465 including AIDS levy.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 2

    Mr Samson Mbanje Taxable Income as at 31 December 2020

    Gross Income :
    Salary 960000
    Bonus 84000
    Entertainment allowance (40%*4800) 19200
    Cash in lieu of leave 48000
    Income received for injury at work 120000
    cash inheritance from late father 72000
    Directors fees from local company 36000
    Directors fees from foreign company 60000
    Representative allowance (50%*24000) 12000
    Housing benefit (7000-3000)*12 48000
    Furniture (8%*600000) 48000
    Loan (7%+5%)-4%= 8%*150000 12000
    Motoring benefit (3100cc) 144000
    Medical contribution by employer 84000
    1747200
    Less Exemptions
    Directors fees from foreign company 60000
    Income received for injury at work 120000
    Bonus 5000
    cash inheritance from late father 72000 257000
    1490200
    Less allowable deducations
    Subscriptions to Internal Auditors( Zimb 96000
    Contribution to Pension 43200
    Joining fees to Internal Auditors 132000
    wages for his housemaid 24000 295200
    Taxable Income 1195000
    Tax @ 50% -597500
    597500
    Less Tax Credits
    Medical Aid Contribution (PSMAS) (50%*64000) 32000
    32000
    Tax before Aids Levy 565500
    Add Aid levy 3% 16955
    Taxable liability 582465

    You might also like