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Question 1 Mr. David Smith works for BSP Ltd and resides in Lae....

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Accounting

Question 1
Mr. David Smith works for BSP Ltd and resides in Lae. His monthly salary is K3,000. He declared one dependent on his tax form. In addition to his salary, Mr. Smith receives the following benefits:
Accommodation provided by BSP Ltd valued at K2,000 per month.
Vehicle without fuel provided by the company for business and personal use.
Medical insurance coverage provided by the employer valued at K500 per month.
Education allowance for his child attending a private school, amounting to K5,000 per annum paid directly to the school by the employer.
Employer's contribution of 8.4% of his monthly salary to Nas fund Ltd (a registered fund).
Required:
a) Calculate Mr. David Smith's taxable income.
b) Determine the salary or wages tax payable
Use: Download EFFECTIVE: 1 January 2023I Papua New GuineaNTERNAL REVENUE COMMISSION
COLLECTION OF SALARY OR WAGES TAX
RATES OF FORTNIGHTLY SALARY OR WAGES TAX DEDUCTIONS

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