1) If henri took car option from company then taxable iuses his own ncome is £90000 + £4000 = £94000, If he uses his own vehicle, then he will get £90000 + £7500 = £97500
2) Let tax rate = t%, After tax cost for Potis Ltd if Henri took company's car = (1-t)*94000, After tax cost for Potis Ltd if Henri took his own car = (1-t)*97500
3) Insurance cost for henri = 0, Insurance cost for the company = £1900
2 Henri has received a job offer from Potis Ltd under the following terms: Annual salary:...
Your small remodeling business has two work vehicles. One is a small passenger car used for job-site visits and for other general business purposes. The other is a heavy truck used to haul equipment. The car gets 25 miles per gallon (mpg). The truck gets 10 mpg. You want to improve gas mileage to save money, and you have enough money to upgrade one vehicle. The upgrade cost will be the same for both vehicles. An upgraded car will get...
10 Your small remodeling business has two work vehicles. One is a small passenger car used for job site visits and for other general business purposes. The other is a heavy truck used to haul equipment. The car gets 25 miles per gallon (mpg). The truck gets 10 mpg. You want to improve gas mileage to save money, and you have enough money to upgrade one vehicle. The upgrade cost will be the same for both vehicles. An upgraded car...
tax tables: Rates and allowances INCOME TAX (2018/19) % Basic rate £1 – £34,500 20% Higher rate £34,500 – £150,000 40% Additional higher rate £150,001 onwards 45% A starting rate of 10% applies to savings income where it falls within the first £5,000 of taxable income. Personal allowances (2018/19) £ Personal allowance 11,850 Car fuel benefit (2018/19) The base figure for calculating the car fuel benefit is £23,400. Approved mileage rates (2018/19) Car and vans: 0 – 10,000 miles 45p...
Documenti - Word (Product Activation Failed) References Mailings Review View Question 2 (Marks: 30) Mr. Khumalo is the financial manager of Hello Group Ltd. He started working at the company on 1 April 2020, after being retrenched six months earlier. He is currently 42 years old and unmarried. The following information relates to his income and expenditure for the year of assessment ended 28 February 2021: 1. Mr Khumalo received a monthly basic salary of R23 500 and a monthly...
Documenti - Word (Product Activation Failed) References Mailings Review View Question 2 (Marks: 30) Mr. Khumalo is the financial manager of Hello Group Ltd. He started working at the company on 1 April 2020, after being retrenched six months earlier. He is currently 42 years old and unmarried. The following information relates to his income and expenditure for the year of assessment ended 28 February 2021: 1. Mr Khumalo received a monthly basic salary of R23 500 and a monthly...
Harjot worked for Soul Ltd as a music producer until 31 July 2019. He earned a salary of £46,200 per annum (PAYE £4,000) and received the following benefits:From 6 April 2019 until 31 July 2019, Soul Ltd provided Harjot with a petrol motor car. The motor car cost Soul Ltd £24,000 and had carbon dioxide emissions of 143g/km. Soul Ltd also provided Harjot with fuel for private journeys. Harjot returned the car on leaving the company on 31 July 2019.On 30 April 2019,...
Engines, Ltd., for a cost of $35 per unit. To evaluate this offer, Troy Engines, Ltd., has gathered the following information relating to its own cost of producing the carburetor internally: Direct materials Direct labor Variable manufacturing overhead Fixed manufacturing overhead, traceable Fixed manufacturing overhead, allocated Total cost 17,000 Units Per Per Unit Year $ 17 $ 289,000 8 136,000 4 68,000 6* 102,000 9 153,000 $ 44 $ 748,000 *One-third supervisory salaries; two-thirds depreciation of special equipment (no resale...
Paul Fenson is employed as a shipping supervisor. In the evenings and on weekends, he holds a second job as a real estate salesman for a national real estate firm. His financial information for 2020 is as follows: 1. His salary from his day job is $60.000 per annum. However, the employer deducts a number of items from his salary, and so his net take-home pay is only $40.846. The following amounts were deducted in 2020: Income tax Union dues...
Rates and allowances INCOME TAX (2018/19) % Basic rate £1 – £34,500 20% Higher rate £34,500 – £150,000 40% Additional higher rate £150,001 onwards 45% A starting rate of 10% applies to savings income where it falls within the first £5,000 of taxable income. Personal allowances (2018/19) £ Personal allowance 11,850 Car fuel benefit (2018/19) The base figure for calculating the car fuel benefit is £23,400. Approved mileage rates (2018/19) Car and vans: 0 – 10,000 miles 45p per mile...
1. Mary has a job as waitress at a small restaurant. Tips are pooled in a jar and distributed back to employees at the end of each shift by the manager. These tips are not considered taxable income because they are funded by the patrons rather than the owner of the business. T or F 2. The employer may choose any pay cycle they like. T or F 3. Salaried employees are paid based on the number of hours worked...