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Unformatted text preview: Student Name: Student Group No.: Student ID: In Class Assignment "1" Question One: MCQs 1. Which of the following is considered a moral person? a) An employee who receives a salary. b) A supermarket owned by a sole proprietor. c) A free lance lawyer. d) A retail chain of fashion wear owned by two friends. 2. A taxpayer is the person who.................... While the tax authority is the party which.............. a) Imposes taxes, pays taxes. b) Pays taxes, collects taxes. c) Collects taxes, imposes taxes. d) Pays taxes, imposes taxes. 3. All of the following are examples of indirect taxes except: a) The Sales tax. b) The Custom tax. c) The Salaries tax. d) The Entertainment tax. 4. The tax base can be explained as: a) The income subject to tax. b) The value of the collected tax. c) The ratio of the income received by an employee to the total revenue of the firm. d) The percentage used to compute the tax. Question Two: calculate the tax due for Ahmed Hussien if you know that his annual salary is: (1 mark each) a) L.E 150,000 = (5000 x 0%) + (15,000 x 10%) + (20,000 x 15%) + (110,000 x 20%) = L.E 26,500 b) L.E 15,000 = (5000 x 0%) + (10,000 x 10%) = L.E 1,000 c) L.E. 5,000 Exempted from paying taxes Question Three: Ingy has collected the following revenues at the end of 2011: a) L.E. 20,000 in the form of total salaries for the whole year. b) L.E. 5,000 as the total profits from non commercial professions c) L.E. 10,000 revenues from real estate. Calculate the tax base and the tax due that Ingy should pay at the end of 2011.
Tax base = 35,000 Tax due = (5000 x 0%) + (15,000 x 10%) + (15,000 x 15%) = 0 + 1500 + 2250 = L.E. 3750 ...
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- Spring '12