In tax year 2021-22, Class 2 NICS are payable by monthly or quarterly direct debit at a flat rate of £2.80 per week. True or False? O True O False An employee earns £148 in the week ending 24 March 2021, Compute the primary Class 1 NICS payable for the week O £20 42 O £17 76 O EC 84
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- Mikhail Rivers is a self-employed corporate tax consultant. Mikhail’s business, Rivers’s Tax Consultancy, prepares financial statements to an accounting date of 31 March each year. During the year ended 31 March 2021, Mikhail’s tax adjusted trading profit was £34,120. What is the total amount of National Insurance contributions payable by Mikhail for the contribution period 2020/21? A. £158.60 B. £3,070.80 C. £2,374.40 D. £0. Mikhail will not be required to make any National Insurance contributions26-Jaleel is an insurance agent and collects insurance premiums from his clients every month. His total collection of insurance premiums for the month of June 2019, £30,000. Which of the following is correct with regards to the calculation of VAT as per UK tax laws? a. 5% VAT on such Taxable Supplies O b. Exempted Supplies so not VAT O c. 0% VAT on such Taxable Supplies O d. 10% VAT on such Taxable SuppliesShakera earns £45,000 p.a. as a graphic designer for Commercial Ltd, which prepares accounts to March each year. For the last two years Shakera earned bonuses from her employer as follows: Date paid £ Year ended 31 March 2020 1 June 2020 8,000 Year ended 31 March 2021 1 June 2021 11,000 What is Shakera’s assessable employment income for the tax year 2020/21?
- During the fiscal year of 2023/24, John received £40 of income tax repayment interest relating to overpaid income tax from 2022/23. John has been employed part-time by Medical Support Ltd since 2013. He received the following remuneration package in 2023/24: · Salary £15,000 per year; · Eye test which would have cost £20, offered to all employees who use computers. · Private medical insurance costing the company £800, and which would have cost John £1,000 had he bought it directly from the insurers; and · From 1 June 2023, use of a van for significant private use with CO2 emissions of 130 g/km. The van had a list price of £10,000 and Medical Support Ltd paid for all John’s private fuel. John received £1,500 of dividends in January 2024 from an ISA. John has also run his own business as a sole trader for many years. Therefore, he has calculated his taxable trading profits for 2023/24 to be £20,600. In arriving at his taxable trading profits, he deducted the following amounts. · £200…Emma is an employee and in 2021-22, her salary was £108,150. She made 1,200 (Net) gift aid donations during 2021-22. What is the amount of personal allowance that Emma will be entitled to? £12,570 £9,245 £0 £8,150Mr Stephen Ncube is a resident of Zambia. The following detail relate to his employment in the tax period ended 31 July 2020. ZMW Salary 240 000 Bonus 52 000 Cost of living allowance 16 000 Refund from medical aid society 6 000 Cell phone allowance 8 000 Cash in lieu of leave 4 000 Expenses Doctor's consultation fees 18 000 Contribution to retirement annuity fund 30 000 Contribution to medical aid 36 000 Contribution to medical pension fund 39 000 Additional information provided by the employer 1. The employer provided him with a well-furnished company house in April, however, according to the Rentals Board, market related rentals for the house was 6 000 ZMW per month. According to the employer the upkeep of the house was 2 000 ZMW per month. Stephen paid 2 500ZMW per month to his employer. 2.…
- Edward Bridgewater has adjusted net income of £101,300 for the tax year 2020/21. Edward is 29 years old and is married to Rahma Bridgewater. Rahma is 30 years old; her adjusted net income for the tax year 2020/21 was £119,200. What is Edward Bridgewater’s personal allowance for the tax year 2020/21? £11,850 £13,150 £0 £11,200Frederick Grant is employed by Jabex Ltd as an Engineer. He earns 270,000 per month as a gross salary. the company has an approval pension scheme to which he contributes 5 % of his salary. He also has a car loan payment of $25,000 per month. Calaulate Fredrick Grant income tax computation and net pay for the month April 2019In 2020, Mohamed receives the following income: Employment income of £ 80,000 Bank interest of £ 20,000 net of 20% tax suffered at source 9,000 net of 10% tax suffered at source What is Mohamed's taxable income for 2019, note that the personal allowance is £10,600, Dividends of £
- 43-Azzan's monthly salary is £2,000. During the month of August 2019, he received a payment of £1,900 and remaining amount is deducted by the employer and remitted to the HRMC. Which one of the following represents the deduction of £100 from his salary, as per UK Tax Laws? a. Pay As You Earn (PAYE) O b. Personal Allowance O c. Pay As You Spent (PAYS) O d. Annually exempted amountMs. Berry is employed as an Accounts Manager in the Jamaican company ADM Limited. In 2022, she earned a monthly salary of $820,000.00. She also sits on the board of directors of FHC Company Limited where she receives director’s fees of $7,500.00 per month. She contributes 10% of her gross emoluments to the Superannuation Pension Plan. Under the Jamaican Labour Laws, every employee is expected to contribute 3% of their gross emoluments/ salaries up to a maximum of $3,000,000.00 p.a. Ms. Berry’s monthly statutory income is: a. $812,500 b. $820,000 c. $730,500 d. $737,250Ms. Berry is employed as an Accounts Manager in the Jamaican company ADM Limited. In 2022, she earned a monthly salary of $820,000.00. She also sits on the board of directors of FHC Company Limited where she receives director’s fees of $7,500.00 per month. She contributes 10% of her gross emoluments to the Superannuation Pension Plan. Under the Jamaican Labour Laws, every employee is expected to contribute 3% of their gross emoluments/ salaries up to a maximum of $3,000,000.00 p.a. Calculate Ms. Berry’s MONTHLY tax deduction under the PAYE system if the annual income tax threshold $1,500,096 p.a Persons with monthly income below$500,000 pay tax at 25% and those above pays tax at 30%.