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?
