Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Taxation Expert

Ranjiv earns an annual salary of Rs520,000 including the end of the year bonus payable in December (i.e. he earns Rs40,000 per month). He enjoys the benefit of a company car of 1450 cc used by him partly for performing the duties of his employment and partly for private purposes. All the car running expenses are met fully by the  employer. Ranjiv is also eligible for an additional bonus of Rs 70,000 for the year to31 December 2009 paid to him on 31 May 2010.
 
Ranjiv submitted a fresh employee’s declaration form (EDF) to his employer at the beginning of May 2010 as he got married in that month with Indira, a full time student of the University of Technology ,Mauritius (UTM).  Ranjiv is planning to leave his employment soon and set up his own consultancy business. However, he does not have a good knowledge of taxation and would like to know whether there is any fundamental difference between the income taxation of a self-employed person and that of an employee.
 
Required
 
(a) find out how much tax has been withheld from Ranjiv’s salary in:

  • April 2010;                 
  • May 2010;                 
  • June 2010;and               
  • July 2010.                 

b) Make a brief report for Ranjiv listing the main differences existing between the taxation of a self-employed and that of an employee.

Taxation, Accounting

  • Category:- Taxation
  • Reference No.:- M96294

Have any Question? 


Related Questions in Taxation

Taxeshow do two taxpayers determine who has priority to

Taxes How do two taxpayers determine who has priority to claim the dependency exemption for a qualifying child of both taxpayers when neither taxpayer is a parent of the child (assume the child does not qualify as a qual ...

Tax issuesin a two to three page summary describebullwhat

Tax Issues In a two to three page summary, describe; • What is the Partner's capital account? • What can Partners' contribute to establish a capital account? • What is the profit and loss allocations? What document is th ...

In each of the following independent situations determine

In each of the following independent situations, determine the taxpayer's filing status and the number of personal and dependency exemptions the taxpayer is allowed to claim. a) Frank is single and supports his 17-year-o ...

Case study 1 capital gains taxfred is a resident who signed

Case study 1: Capital Gains Tax Fred is a resident who signed a contract to sell his holiday home in the Blue Mountains in August last year. The sale was settled in February this year when Fred received $800,000 from the ...

Taxation theory practice amp law assignmentit is the

Taxation, Theory, Practice & Law Assignment It is the responsibility of the student submitting the work to ensure that the work is in fact his/her own work. Ensure that when incorporating the works of others into your su ...

Taxation theory practice amp law assignment-case study 1

Taxation, Theory, Practice & Law Assignment- Case study 1: Residence and source Fred, an executive of a British corporation specializing in management consultancy, comes to Australia to set up a branch of his company. Al ...

Question during the year inez recorded the following

Question: During the year, Inez recorded the following transactions involving capital assets. Gain on the sale of unimproved land (held as an investment for 3 years) Loss on the sale of a camper (purchased 2 years ago an ...

Spencer duck tax returnsspencer duck is single and his

Spencer Duck Tax Returns Spencer Duck is single and his eight year old son, Mitch, lives with him nine months of the year in his mother, spencer's ex-wife, during the summer months. his mother provides more than half of ...

Taxation theory practice amp law assignment- case study

Taxation, Theory, Practice & Law Assignment- Case study 1: Capital Gains Tax Fred is a resident who signed a contract to sell his holiday home in the Blue Mountains in August last year. The sale was settled in February t ...

Assume you are the partner in an accounting firm hired to

Assume you are the partner in an accounting firm hired to perform the audit on a fortune 1000 company. Assume also that the initial public offering (IPO) of the company was approximately five years ago and the company is ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

A cola-dispensing machine is set to dispense 9 ounces of

A cola-dispensing machine is set to dispense 9 ounces of cola per cup, with a standard deviation of 1.0 ounce. The manuf

What is marketingbullwhat is marketing think back to your

What is Marketing? • "What is marketing"? Think back to your impressions before you started this class versus how you

Question -your client david smith runs a small it

QUESTION - Your client, David Smith runs a small IT consulting business specialising in computer software and techno

Inspection of a random sample of 22 aircraft showed that 15

Inspection of a random sample of 22 aircraft showed that 15 needed repairs to fix a wiring problem that might compromise

Effective hrmquestionhow can an effective hrm system help

Effective HRM Question How can an effective HRM system help facilitate the achievement of an organization's strate