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Mr. Adeola has been in the employment of Hope Nigeria Limited for a long time, rising to Senior Manager, while also running a trading business. He ceased trading on December 31, 2014, to focus on his employment fully. The following information pertains to his income:
Trading: (i) Trading results for the periods:
Year ended August 31, 2012: N2,400,000
Year ended August 31, 2013: N1,800,000
Year ended August 31, 2014: N2,625,000
Period ended December 31, 2014: N360,000
(ii) Capital Allowances for the Years of Assessment:
2012 Assessment Year: N240,000
2013 Assessment Year: N180,000
2014 Assessment Year: N120,000
(iii) On January 1, 2015, N360,000 was received from a debtor whose debt had been written off.
Employment:
(i) Annual salary: N3,600,000.
(ii) Transfer cost spent by the company: N52,000.
(iii) A motor car provided for his exclusive use, costing N7,200,000.
(iv) Domestic staff with a salary of N600,000 per annum provided by the company.
(v) He receives assignable luncheon vouchers worth N360,000 annually.
Other Information:
(i) He derives a gross rent of N1,200,000 annually, with 10% withholding tax deducted.
(ii) Receives annual interest of N80,000 on fixed deposits.
(iii) Pays N240,000 annually as life assurance premium.
(iv) Contributes N180,000 to the National Housing Fund and N150,000 to the National Health Insurance Scheme.
(v) Pays N596,250 annually for Pension Fund Contribution.
Required:
Compute the tax payable by Mr. Adeola in respect of 2014 Year of Assessment. (Ignore the penultimate year)
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Mr. Adeola has been in the employment of Hope Nigeria Limited for a long time, rising to Senior Manager, while also running a trading business. He ceased trading on December 31, 2014, to focus on his employment fully. The following information pertains to his income:
Trading: (i) Trading results for the periods:
Year ended August 31, 2012: N2,400,000
Year ended August 31, 2013: N1,800,000
Year ended August 31, 2014: N2,625,000
Period ended December 31, 2014: N360,000
(ii) Capital Allowances for the Years of Assessment:
2012 Assessment Year: N240,000
2013 Assessment Year: N180,000
2014 Assessment Year: N120,000
(iii) On January 1, 2015, N360,000 was received from a debtor whose debt had been written off.
Employment:
(i) Annual salary: N3,600,000.
(ii) Transfer cost spent by the company: N52,000.
(iii) A motor car provided for his exclusive use, costing N7,200,000.
(iv) Domestic staff with a salary of N600,000 per annum provided by the company.
(v) He receives assignable luncheon vouchers worth N360,000 annually.
Other Information:
(i) He derives a gross rent of N1,200,000 annually, with 10% withholding tax deducted.
(ii) Receives annual interest of N80,000 on fixed deposits.
(iii) Pays N240,000 annually as life assurance premium.
(iv) Contributes N180,000 to the National Housing Fund and N150,000 to the National Health Insurance Scheme.
(v) Pays N596,250 annually for Pension Fund Contribution.
Required:
Compute the tax payable by Mr. Adeola in respect of 2014 Year of Assessment. (Ignore the penultimate year)
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