Sean Zane is a Carpenter who operates a shop in Kingston, Jamaica. The shop generates income of $50,000.00 per week for 52 weeks in 2015. Zane also works part-time at a supermarket close to his shop and earns an additional $10,000.00 per weekend in that same year. For 2015, the National Insurance Scheme rate = 2.5%, Income Tax Rate = 25%, and Tax Credit/Threshold = 557,232.00 What is the Income Tax Payable by Mr. Zane for the year of assessment 2015? How much tax is Mr. Zane required to file on his Tax Return to the Inland Revenue Department for the year of assessment 2015?

Sean Zane is a Carpenter who operates a shop in Kingston, Jamaica. The shop generates income of $50,000.00 per week for 52 weeks in 2015. Zane also works part-time at a supermarket close to his shop and earns an additional $10,000.00 per weekend in that same year. For 2015, the National Insurance Scheme rate = 2.5%, Income Tax Rate = 25%, and Tax Credit/Threshold = 557,232.00 What is the Income Tax Payable by Mr. Zane for the year of assessment 2015? How much tax is Mr. Zane required to file on his Tax Return to the Inland Revenue Department for the year of assessment 2015?

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter6: Business Expenses

Section: Chapter Questions

Problem 69P

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