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Tax and Estate

In: Business and Management

Submitted By MINGOF
Words 580
Pages 3
Taxation and Estate Planning
Individual Assignment

Question 1:
(a)
Mr. Ngan
Salaries Tax Computation
Year of Assessment 2012/13 $
Salary 1400000
Special bonus 380000
Travelling allowance 55000 1835000
Less: Subscription for professional body (1800) 1833200
Add: Rental Value (1833200*10%) 183320 less: rent suffered (1400000*8%) (112000) 71320 1904520
Less: Self-education (max) (60000)
Net assessable income 1844520

(b)

Mrs. Ngan
Property Tax Computation
Year of Assessment 2012/13 $
Rental Income (18000*9) 162000
Less: rates paid (2200*2*9/12) (6600) 155400
Less: Statutory deduction (155400*20%) (31080) 124320

Property tax payable @ 15% (124320*15%) 18648

Mr. and Mrs. Ngan | Personal assessment | Year of assessment 2012/13 | | Mr. Ngan | Mrs. Ngan | Joint | Net assessable profits | | 160000 | | Net assessable value | | 124320 | | Net assessable income | 1844520 | 620000 | | | 1844520 | 904320 | | Less: Mortgage interest(limit to NAV) | (124320) | | | 1844520 | 780000 | | Less...

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