ACCA December Exams

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Am I right?

This topic has 2 replies, 2 voices, and was last updated 13 years ago by Tax Tutor.

Viewing 3 posts - 1 through 3 (of 3 total)

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October 18, 2011 at 11:38 pm #50144
gualige
Member
- Topics: 7
- Replies: 13
Calculate income tax for 11/12
Trading income 193900
BSI (net) 13800
NS&I easy access savings account 9800
ISA accounts 4150
Div received 36180
Charitable donation (net) 200
Solution:
Trading income 193900
Interest income 13800*100/80+9800 27050
Div income 36180*100/90 40200
PA –
(35000+250)@20% 7050
(150000-35250)@40% 45900
(193900-150000)@50% 21950
27050@50% 13525
40200@42.5% 17085
Tax already paid 3450+40200*.1 (7470)
98040
October 18, 2011 at 11:54 pm #88918
gualige
Member
- Topics: 7
- Replies: 13
Another question
Employment income 45000
BSI (net) 2000
National Lottery win 5000
Charitable donation (gross) 2000
Solution:
aUnder 65/b64-74/c75+
Employment income 45000
Interest income 2000*100/80 2500
PA (a7475/b9940/c10090)
a37525/b35060/c34910
a(35000+2000)/ b35060/c34910@20% a7400/b7012/c6982
a(37525-37000)/@40% 210
(37000—b35060/c34910)@20% b388/c836
2500/ (b35060/c34910+2500-37000)@40% a1000/b224/c164
Tax already paid 2500*.2 (500)
Tax payable a8110/b7124/c7482
October 23, 2011 at 9:47 am #88919
Tax Tutor
Member
- Topics: 2
- Replies: 3965
You are using the tax rates and allowances for finance act 2011. Your exam in December is based on finance act 2010. So these answers are incorrect. Redo using the correct tax rates .
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