Answer tutorial 2 PDF

Preview

Summary

TUTORIAL 2EMPLOYMENT INCOME - SOLUTIONQMr Sidek – YA 2010 (01/01/10- 30/11/10)Sek 13(1)(a) Salary (13,350/0) x 11 165, Commission 5, Entertainment Allowance (300 x 11) 3, Travelling allowance (250 x 11=2,750 – 6,000) - Parking allowance exempted Share option (6 or 3) 3-1= 2 x 10,000 20, Shopping vou...

Description

TUTORIAL 2 EMPLOYMENT INCOME - SOLUTION Q1 Mr Sidek – YA 2010 (01/01/10- 30/11/10) Sek 13(1)(a) Salary (13,350/0.89) x 11 Commission Entertainment Allowance (300 x 11) Travelling allowance (250 x 11=2,750 – 6,000) Parking allowance Share option (6 or 3) 3-1= 2 x 10,000 Shopping voucher Medical cost 1st computer 2nd computer Tax allowance (1,000 x 11) Gratuity (72,000/6) Car (55-50)

165,000 5,500 3,300 exempted 20,000 200.00 exempted exempted 5,000 11,000 12,000 5,000 227,000

Sek 13 (1)(b) Car (100,000/8) x 80% X 25% X 11/12) Fully furnised accom (280X11) Organ (8000/10) X 11/12 Television (6300/7 X 11/12 Servant (400 x 11)

2,292 3,080 733 825 4,400 11,330

Sek 13 (1) c) 30% sek 13(1)(a) X 227,000 = 68,100/ DV : Rent (2,000-500) x 11 = 16,500/ lower of 30% 13(1)(a) and DV

16,500 16,500

Sek 13(1) (d) Unapproved fund - employer contribution - interest

25,000/ 8,000/

33,000 33,000 287,830

Gross employment income less: Entertainment (300 x 11 x 80%) MIA professional fees Adjusted employment income

2,640 300 285,190

1

Q2 Nice Recipe Sdn Bhd YA2010 (1.1.2010 – 31.08.2010) S13(1)(a) Gratuity ( > 5 years = RM36,000 / 6) Excellent Service award (3,000 +12,000 – exempt 2,000) Salary (8,200 x 8) Petrol and travelling allowance [(1,000 x 8) – exempt 6,000] Gardener (250 x 8) Meal allowance Parking fees Personal tax YA2009 Child care allowance (4,000 – exempt 2,400) S13(1)(b) Leave passages: Labuan, Sabah Kuantan, Pahang Penang Kota Bharu Jogjakarta, Indonesia Dublin – fares - Food allowance Furniture (280 x 8) Landline telephone bills Medical and dental benefits Consumable goods at discounted price (2,500 – exempt 1,000)

RM

RM

6,000 13,000 65,600 2,000 2,000 Exempted Exempted 1,900 1,600

92,100

Exempted Exempted Exempted 600 1,000 Exempted 650 2,240 exempted exempted 1,500

5,990

S13(1)(c) The lower of : DV =(25,000-3,360) x 8/12 =14,427 30% of S13(1)(a) = 30% x 92,100 = 27,630

14,427

S13(1)(d) Withrawal from unapproved fund Employers contribution and profit earned (60% x 38,000) S13(1)(e) Compensation for lost of employment Less : Exemption (10,000 x years of completed service)

2

22,800

40,000 (40,000)

135,317

Less : Allowable expenses Nominal rent (350 x 8) Travelling expenses (bal. after exemption) Adjusted Employment Income

(2,800) (1,900)

(4,700) 130,617

Q3 Jefri – YA 2010 S13(1)(a) Salary Entertainment allowance Travelling allowance (RM18,000 - RM2,400 - RM6,000) Childcare Allowance (exemption restricted to RM2,400) Bonus (YA2011 - RM9,000) Tax paid by employer Monthly subscription for club membership Driver (1,500 x 9 mths) S13(1)(b) Domestic helper (RM400 x 9 mths) Leave passage: Pulau Pangkor (exempted) Australia (Fare exempted 2400) Internet subscription (exempted) Car benefit Furniture (RM3,360 x 8/12) S13(1)(c) Hotel 3% x RM229,300 x 4/12 House : lower of Defined value (RM3,000 – RM280) x 12 30% of S13(1)(a) = 30% x RM229,300

RM

RM

132,000 30,000 9,600 1,200 9,000 22,000 12,000 13,500

229,300

3,600 2,600 9,000 2,240

17,440

2,293 = RM32,640 = RM68,790 RM32,640 x 8/12

Less: Allowable deductions: Rent (RM250 x 8 mths) Travelling expenses - restricted Entertainment expense – restricted Adjusted employment income

21,760

(2,000) (2,000) (30,000)

3

24,053 270,793

(34,000) 236,793...