Pension Computation

PT – Dec 2023 – L2 – Q2c – Income Tax Liabilities

Compute pension benefit and monthly pension pay based on provided salary and pension contributions.

Question

Mr. John Romeski worked for Aligidon Company Ltd for 25 years and retired at the age of 60. In the last 3 years of his working life, he earned annual salary as follows:

Year	Annual Salary (GH¢)
58th	93,000
59th	96,000
60th	99,000

He has 300 months’ contribution to his credit.

Required:

Assuming he retired under the National Pension Act, 2008 (Act 766), compute his pension benefit and his monthly pension pay. (5 marks)

Answer

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Tags: Ghana tax laws, National Pension Act, Pension benefits, Pension Computation, Retirement
Level: Level 2

Topic: Income Tax Liabilities
Series: DEC 2023

PT – Mar 2024 – L2 – Q2c – Income Tax Liabilities

Compute the monthly pension payable to Ama Adaklu after retirement based on her last five years' salary.

Question

Ama Adaklu retired in December 2022 after contributing to SSNIT for 300 months, working with three different employers. The last 5 years of her annual salary are as follows:

Year	Annual Salary (GH¢)
2018	200,000
2019	220,000
2020	250,000
2021	450,000
2022	500,000

Required:
Compute the monthly pension payable to Ama Adaklu. (5 marks

Answer

Find Related Questions by Tags, levels, etc.

Tags: Income Tax, Pension Computation, Retirement Benefits, SSNIT
Level: Level 2

Topic: Income Tax Liabilities
Series: MAR 2024

PT – Dec 2023 – L2 – Q2c – Income Tax Liabilities

Compute pension benefit and monthly pension pay based on provided salary and pension contributions.

Question

Mr. John Romeski worked for Aligidon Company Ltd for 25 years and retired at the age of 60. In the last 3 years of his working life, he earned annual salary as follows:

Year	Annual Salary (GH¢)
58th	93,000
59th	96,000
60th	99,000

He has 300 months’ contribution to his credit.

Required:

Assuming he retired under the National Pension Act, 2008 (Act 766), compute his pension benefit and his monthly pension pay. (5 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Ghana tax laws, National Pension Act, Pension benefits, Pension Computation, Retirement
Level: Level 2

Topic: Income Tax Liabilities
Series: DEC 2023

PT – Mar 2024 – L2 – Q2c – Income Tax Liabilities

Compute the monthly pension payable to Ama Adaklu after retirement based on her last five years' salary.

Question

Ama Adaklu retired in December 2022 after contributing to SSNIT for 300 months, working with three different employers. The last 5 years of her annual salary are as follows:

Year	Annual Salary (GH¢)
2018	200,000
2019	220,000
2020	250,000
2021	450,000
2022	500,000

Required:
Compute the monthly pension payable to Ama Adaklu. (5 marks

Answer

Find Related Questions by Tags, levels, etc.

Tags: Income Tax, Pension Computation, Retirement Benefits, SSNIT
Level: Level 2

Topic: Income Tax Liabilities
Series: MAR 2024

Question Tag: Pension Computation

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PT – Dec 2023 – L2 – Q2c – Income Tax Liabilities

Compute pension benefit and monthly pension pay based on provided salary and pension contributions.

PT – Mar 2024 – L2 – Q2c – Income Tax Liabilities

Compute the monthly pension payable to Ama Adaklu after retirement based on her last five years' salary.

PT – Dec 2023 – L2 – Q2c – Income Tax Liabilities

Compute pension benefit and monthly pension pay based on provided salary and pension contributions.

PT – Mar 2024 – L2 – Q2c – Income Tax Liabilities

Compute the monthly pension payable to Ama Adaklu after retirement based on her last five years' salary.

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