Leonard is employed and received a gross salary of £3,452 per month during tax year 2021-22. He also has a small business and paid 52 Class 2 NICs for the year. His trading income for 2021-22 was £12,160. Calculate the refund of NICs due to Leonard for the year (if any).
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Leonard is employed and received a gross salary of £3,452 per month during tax year 2021-22. He also has a small business and paid 52 Class 2 NICs for the year. His trading income for 2021-22 was £12,160.
Calculate the refund of NICs due to Leonard for the year (if any).
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- Darrell is an employee of Whitneys. During the current year, Darrells salary is 136,000. Whitneys net self-employment income is also 136,000. Calculate the Social Security and self-employment taxes paid by Darrell and Whitney. Write a letter to Whitney in which you state how much she will have to pay in Social Security and self-employment taxes and why she owes those amounts.Mr. Albert lives in a company flat accommodation which is not job related. The cost of the accommodation for the employer was £75,000. The annual value of the flat is £4,000. He also received cash bonus of 2,000 on 6th June 2020. Assuming that the official rate interest was 2.5%. The taxable accommodation benefit to be included in his employment income for the tax year 2019-20 was £ a. 4,000 b. 1,875 c. 4,250 d. 7,875Faisal is self-employed, and for the tax year 2021-22 had a trading profit of £47,500. He has brought forward trading losses of £8,000 What are the total national insurance contributions payable by Faisal for the tax year 2021-227
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- Mikhail Rivers is a self-employed corporate tax consultant. Mikhail’s business, Rivers’s Tax Consultancy, prepares financial statements to an accounting date of 31 March each year. During the year ended 31 March 2021, Mikhail’s tax adjusted trading profit was £34,120. What is the total amount of National Insurance contributions payable by Mikhail for the contribution period 2020/21? A. £158.60 B. £3,070.80 C. £2,374.40 D. £0. Mikhail will not be required to make any National Insurance contributionsAndrew has been self-employed as a builder for several years and generated taxable trading profit of £82,000 in the 2020/21 tax year. He has trading losses brought forward of £10,000. His partner Sophie works part time as a mobile dog groomer and has taxable trading profit of £10,560 for the tax year 2020/21. What are the total NICS payable by Andrew and Sophie for the tax year 2020/21? £4,244 £4,180 E4,698 E4,498Rowena is employed as an architect throughout 2020/21 and received the following income during the tax year 2020/21:i) Salary of £114,000 (after her employer had deducted PAYE of £39,950).ii) Her employer provides Rowena with a parking space at work. If Rowena had to payfor her own parking, close to her office, the annual cost would be £900 per annum.iii) Bankinterestof£400.iv) Building society interest of £220.v) Dividends from a UK company of £4,500.vi) Premium bond prize of £150.vii) Property income of £24,000.During the year, Rowena made a charitable donation of £1,000 under the Gift Aid scheme and she paid her annual £500 subscription to the architects’ professional body, which is approved by HMRC.Required (you must answer both parts (a) and (b) to this question):a) Prepare the income tax computation for Rowena for 2020/21, showing the incometax liability and the tax due to be paid.17 marksb) Appraise the UK income tax system with refence to Adam Smith’s canon of equity.
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