SelfTestQ_SalariesTaxComputation_ans

SelfTestQ_SalariesTaxComputation_ans - 24,000 Subscription...

Info icon This preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
BUSI 0018 – Hong Kong Taxation Self Test Question – Salaries Tax Computation (Answers) Salaries Tax Liability for Mr. Lau Year of Assessment 2004/05 $ $ Salary (40,000 x 12) 480,000 New Year bonus 50,000 Holiday allowance 10,000 Rental value (480,000 + 50,000 + 10,000 - 26,000) x 10% 51,400 Less: Rent suffered 12,000 39,400 Shares option gains - on assignment (15,000 - 400) 14,600 - on exercise [(20 - 5) x 6,000] - 600 89,400 104,000 Assessable income 683,400 Less: Motor car expenses
Image of page 1
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: 24,000 Subscription 2,000 (26,000) Net assessable income 657,400 Less: Approved charitable donation (50,000) 607,400 Less: Married person’s allowance 200,000 Child allowance (30,000 x 2) 60,000 Dependent parent allowance (30,000 x 2) 60,000 Dependent sister allowance 30,000 Disabled dependent allowance 60,000 (410,000) Net chargeable income 197,400 Tax at progressive rates (need to show steps) 28,680 Tax at standard rate (16%) 97,184 Therefore, salaries tax payable 28,680...
View Full Document

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern