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(Solved): Josephine's is the operations manager at Transworld Logistics. Her monthly earnings for the tax asse ...
Josephine's is the operations manager at Transworld Logistics. Her monthly
earnings for the tax assessment year( 2022)/(23) are; basic salary of N$48,000;
housing allowance taxable N$6000; Housing allowance non-taxable N$3,000;
medical aid N$1,500 of which 50% is employer contributed; N$3,000; education
policy (registered) being 50% employer's contribution; transport allowance N$3,500;
pension N $2,000 being 50% employer's contribution; house-maid allowance
N$5,000; entertainment allowance N$2,000. In addition, Josephine has a company
issue vehicle, a Toyota Hilux twin-cab bought in January 2022 for N $450,000. The
vehicle is 100% fueled and maintained by the company. Josephine also leaves in a 5
bedroomed company house in Windhoek.
Required:
Calculate:
a. Josephine's taxable income for the tax assessment year( 2022)/(23)
b. Tax liability for the tax assessment year( 2022)/(23)