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Taxation

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University of Liberia
Graduate School
Accounting 511 Sections 1 & 4 Assignment
Due Class time for each session
Instruction: Answer all questions in consultation with the Revenue
Code of Liberia
1. Zulu Corporation in Margibi County has employees of 6 persons.
a. John Brown, an Office Assistant (Messenger) earned the salary of $110.00 a
month. What is his tax obligation owed to the Government of Liberia?
b.
Mary Brown is the Comptroller. She earned $3,500.00 per month. What is
her obligation to the appropriate authorities; plus in addition to a 5% insurance,
besides the National Insurance Corporation.
c.
Mr. Flomo Mulbah is the Chief Executive Officer. He earned $6,500.00
monthly. He made a loan from EcoBank of $1,100 payable every month. His
insurance cost is 5% besides, the National Insurance Corporation fees obligation.
What is his net pay?
d.
Mr. Jusus Fahnbulleh is the Internal Auditor. His monthly salary is
$4,700.00 monthly. He has a group insurance of 5% besides the national
Insurance Corporation. He made a loan of 120,000 payable in one year. His
absence from work without excuse for 12 days is to be deducted. What is his net
pay?
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