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SEU Accounting OF Tax and Zakat Accounting Question

Assignment (2)
Deadline: Saturday 9/4/2022 @ 23:59

Course Name: Tax and Zakat Accounting Student’s Name:
Course Code: ACCT 422 Student’s ID Number:
Semester: 2 ND CRN:
Academic Year: 1443 H

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For Instructor’s Use only
Instructor’s Name: Khaled Almuaqel
Students’ Grade: /10 Level of Marks: High / Middle / Low

• The Assignment must be submitted on Blackboard (WORD format only) via allocated folder.
• Assignments submitted through email will not be accepted.
• Students are advised to make their work clear and well presented, marks may be reduced for poor presentation. This includes filling your information on the cover page.
• Students must mention question number clearly in their answer.
• Late submission will NOT be accepted.
• Avoid plagiarism, the work should be in your own words, copying from students or other resources without proper referencing will result in ZERO marks. No exceptions.
• All answers must be typed using Times New Roman (size 12, double-spaced) font. No pictures containing text will be accepted and will be considered plagiarism.
• Submissions without this cover page will NOT be accepted.

Assignment 2
Question No. 1
Ms. X, who is 28 and single, has adjusted gross income of $110,000 and itemized deductions of $ 10,000. Insurance $5,000, welfare amount $ 20,000. (2 Marks)
In 2015, Ms. X will have taxable income of

Question No. 2

James Charles lives alone. His support comes from the following sources: (2 Marks)
Grand Father support Nil
Grand Mother support Nil
A-(his son) $5,200
B-(his brother) 8,400
C-(his daughter) 4,600
D-(a friend) 2,000
Total support $20,200

Assuming a multiple support declaration exists.
Which of the individuals may claim James Charles as a dependent? Support your answer with explanation

Question No. 3

As per the company rule, discuss the requirements for staff welfare (meals/ food) provided by employers to be excluded from their employees’ income.
Required: How is the rule distinguished from these requirements? (2 Marks)
Question No. 4
Mohammed is a Saudi national has submitted his zakat return including the following information for 1441H (amounts in SR) (2 Marks)
a) Owns a shopping complex building at a book value of 1,200,000 and with market value of 1,800,000, the investment building produced a monthly rental value of 60,000, actual total expenses incurred of getting the income is of 120,000.

b) Invested in a car showroom at a book value of 600,000 and with market value of 900,000, the car showroom produced annual revenues of 600,000, actual total expenses incurred of getting the income is of 90,000.

Required: Calculate the receptacle of the zakat for each kind of zakat 1441 H.


Question No. 5
In your words, discuss why some fixed assets require alms to be paid while others do not.
Give suitable example to support your answer (2 Mark).