solutions 15 20

Child
Wife
Income tax each month prepayment
Annual income tax liability
Net income
Tax refund30 000
3 750
26 250
26 300
4 779

600
500

3 679

22 571360 000
45 000
315 000
315 000
57 162

7 200
6 000
4 200
(44 148)
39 762
275 238
4 386
Income tax monthly prepayment before credits:
(2 751 + [(26 300 – 18 200) * 0,25] = 4 779
Total amount of income tax prepayments (per year): 12 * 3 679 = 44 148
Annual income tax before credits: (33 012 + [(315 000 – 218 400) * 0,25] = 57 162
Tax return: 44 148 – 39 762 = 4 386

Year 2008:
MonthlyAnnuallyGross salary
Social security and health insurance  paid by employer
Tax base
Tax base rounded
Income tax before credits
Credits:
Person (Tax payer)
Child
Wife
Income tax each month prepayment
Social security and health insurance paid by employee
Annual income tax
Net income
Tax refund30 000

10 500
40 500
40 500
6 075

2 070
890

3 115

3 750

23 135360 000

126 000
486 000
486 000
72 900

24 840
10 680
24 840
(37 380)

45 000
12 540
302 460
24 840
Tax base (“supergross” salary): 30 000 * 1,35 = 40 500
30 000 + 10 500 = 40 500
Income tax monthly before credits: 40 500 * 0,15 = 6 075

Total amount of income tax prepayments (per year): 3115 * 12 = 37 380

Annual income tax before credits: 486 000 * 0,15 = 72 900

Tax return: 37 380 – 12 540 = 24 840
-


Recording of entries related to employees salaries

TransactionCZKDRCR1. Gross salary of employee
2. Social security and health insurance
paid by employee
3. Social security and health insurance
paid by employer
4. Prepayment of employee tax income
- precept (not paid yet)
5. Accident insurance for employees
6. Net income of employee paid from  cash register
7. Payments of liabilities from bank
a) social and health insurance
b) employee income tax
c) accident insurance30 000

3 750

10 500

3 115
150

23 135

14 250
3 115
150521

331 Employees

521

331 Employees
521

331 Employees

336
342
379331 Employees

336

336

342
379

211

221
221
221

Expenses arise from employee salary recording:

30 000 + 10 500 + 150 = 40 650

Exercise 18: Tangible long-term assets

Table 1: Car acquisition journalizing
NoTransactionAmount
(CZK)DebitCredit 1.Received invoice for car acquisition
Car value
VAT 19%
Invoiced price
795 000
151 050
946 050042 Acq.of
tangib. ass
VAT


T.payables 2.Received invoice for car delivery
Service
VAT 19%
Total amount
5 000
950
5 950042Acq.of
tangib. ass
VAT


T.payables
3.
Car transfer to use
800 000Movable
assetsAcq.of
tangib. ass
Table 2: Depreciation plan
YearDepreciation expense
[CZK]Net book value 200x200 000600 000 200x+1200 000400 000 200x+2200 000200 000 200x+3200 000 0
Table 3: Car using and taking from evidence journalizing
NoTransactionAmount
(CZK)DebitCredit 4.Depreciation expense of year 200x200 000Depreciation082 Acc.dep 5.Depreciation expense of year 200x+1200 000Depreciation082 Acc.dep 6.Depreciation expense of year 200x+2200 000Depreciation082 Acc.dep 7.Depreciation expense of year 200x+3200 000Depreciation082 Acc.dep 8.Written off (taking from evidence)800 000082 Acc.dep022 Mov.a.Posting:

Year 200x:

022-082-.551-800 000


800 000

200 000
Deprec.expense


200 000

Year 200x+1:

022-082-.551-800 000


800 000200 000

200 000

400 000



200 000
Year 200x+2:

022-082-.551-800 000


800 000
400 000

200 000

600 000



200 0