Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. finance
  3. mr simangolwa was in full time employment whilst u

Mr Simangolwa was in full time employment whilst undertaking a number of investment initiatives. The...

90.2K

Verified Solution

Question

Finance

Mr Simangolwa was in full time employment whilst undertaking a number of investment initiatives.

The following were his financial transactions under the year March 2020.

  1. Employment Income

Salary 480,000

NAPSA 3,200

Leave Pay 40,000

PAYE 48,000

  1. Business Income

Business Profit K160,000

The Business profit was after the following adjustments but before Capital Allowances of K222,000

Depreciation K280,000

Fine for Driving carelessly K14,000

  1. Mr Simangolwa also owns investments whose incomes he received net were:

Rent K96,000

Royalties K52,000

  1. Note that Mr Simangolwa made the following payaments during the year

Donation to Cheshire Homes (An Approved Charity) for K4,000

Payments for Mortgage Interest K2,500

Required:

Compute the total Income Tax payable by Mr Simangolwa

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Algebra
1.2K views

72 3 2

Statistics
1.2K views

A random sample of 27 observations is used to estimate the population mean. The sample mean...

Basic Math
1.2K views

Soma recorded in the table the height of each player on the basketball team Basketball Players’ Heights...

Chemistry
1.2K views

calculate the percentage by mass of oxygen in the following compounds. C17H19NO3

General Management
1.2K views

How does organizational culture impact the change process? Reflect on your experience dealing with change. Explain whether you...

Physics
1.2K views

25 V 292 Answer A B C D www 10023 Your Attempt www 5923 1...

Physics
1.2K views

A man throws balls with the same speed vertically upwards one after the other at...

Calculus
1.2K views

6 Select the expression that is equivalent to see cot 25 2 B S X...

Calculus
1.2K views

Suppose parametric equations for the line segment between 7 6 and 4 3 have the...

Algebra
1.2K views

4321 224466 43 224 46 10010011001 10010011001 2 Solve each expression Record your answer in...

Accounting
1.2K views

Bandar Industries Berhad of Malaysia manufactures sporting equipment. One of the company's products, a football...

Accounting
1.2K views

THE ANSWERS HIGHLIGHTED IN YELLOW ARE INCORRECT THAT IS ALL I NEED FIXED. WILL UPVOTE...