example%20ch%2005-all

example%20ch%2005-all - 14 edition Example 5-1 Mr and Mrs...

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14 edition Example 5-1 Mr and Mrs Chan both have a salary each and have two children aged six and eight respectively. Under separate taxation, either Mr or Mrs Chan can elect for child allowance in respect of the two children. It is not possible for Mr Chan to claim allowances for one child and Mrs Chan to claim allowances for the other child. Example 5-2 Mr Chan is a marketing manager and earns a monthly salary of $40,000. Quarters are provided rent- free by his employer. During the year of assessment year 0, he received a bonus of $50,000, paid $2,100 and $1,000 as membership subscriptions to the Hong Kong Society of Marketing and the China Society of Marketing respectively, and made a cash donation of $60,000 to the Hong Kong Community Chest. He also paid school fees of $40,000 for a master’s degree in marketing and made mandatory contributions of $12,000 to a mandatory provident fund scheme. He is married and has a child aged eight. He lives with his mother who is aged 65. His wife is a housewife.
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This note was uploaded on 09/29/2011 for the course ACCT 3161 taught by Professor Kwong during the Spring '11 term at CUHK.

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example%20ch%2005-all - 14 edition Example 5-1 Mr and Mrs...

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