SelfTestQ_SalariesTaxComputation

SelfTestQ_SalariesTaxComputation - BUSI 0018 Hong Kong...

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1 BUSI 0018 – Hong Kong Taxation Self Test Question – Salaries Tax Computation Mr. Lau was employed as Marketing Manager by a local trading company which sells engineering products. You are provided with the following information in respect of the year of assessment 2004/05: 1. Mr. Lau received a fixed monthly salary of $40,000 and a Chinese New Year bonus of $50,000. 2. From 1 April 2004, he moved into a flat in Tai Koo Shing leased by the employer at a monthly rent of $10,000. Mr. Lau was required to settle the building management fee himself at $1,000 per month. 3. He was also provided with a company car by his employer. The acquisition cost of the car was $300,000 with a second hand value of $220,000. Mr. Lau incurred $48,000 running costs for the car. It is agreed by the Inland Revenue Department that 50% of the car was used for business purposes 4. During the year, he was injured in a traffic accident and was hospitalised for two weeks. His medical expenses of $20,000 were reimbursed by the insurance
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This note was uploaded on 02/23/2012 for the course BUSI 0018 taught by Professor C.ng during the Spring '11 term at HKU.

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SelfTestQ_SalariesTaxComputation - BUSI 0018 Hong Kong...

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