SEU Accounting Tax and Zakat Accounting Worksheet


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College of Administration and Finance Sciences
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
Academic Year: 1443 H
For Instructor’s Use only
Instructor’s Name: Dr. Ashfaque Ahmed
Students’ Grade:
Level of Marks: High / Middle / Low
• The Assignment must be submitted on Blackboard (WORD format only) via allocated
• 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
• 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.
College of Administration and Finance Sciences
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
Grand Mother support
A-(his son)
B-(his brother)
C-(his daughter)
D-(a friend)
Total support
Assuming a multiple support declaration exists.
Which of the individuals may claim James Charles as a dependent? Support your answer with
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)
College of Administration and Finance Sciences
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).

Purchase answer to see full

Explanation & Answer:
2500 words

taxable income

Gross Income

Tax and Zakat Accounting

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