Answered: What tax is to be paid by Stacy on this…

Business

Accounting

What tax is to be paid by Stacy on this benefit for the year of assessment 2021?

SWFT Individual Income Taxes

43rd Edition

ISBN:9780357391365

Author:YOUNG

Publisher:YOUNG

Chapter13: Tax Credits And Payment Procedures

Section: Chapter Questions

Problem 23CE

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Question

Stacy Lee Parker is an employee in the exempt category with regard to uniform. Uniform is provided to her by her employer at a value of $20,000 per annum. What tax is to be paid by Stacy on this benefit for the year of assessment 2021? (Ignore laundering of the uniform).

$1188.30

$1666.65

$3565.25

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