Billy Khumalo is a 66-year-old South African resident who received the following income for the period 1 March 2022 to 28 February 2023: A monthly annuity of R22 500 from Golden Investment Insurers. The capital portion that is calculated in terms of section 10A amounts to R5 100 per monthly annuity. Dividends of R11 000 for shares held in an American company. Dividends of R28 000 for shares held in a South African company. . Interest income of R63 000 earned on a fixed deposit account held at a South African bank. The fixed deposit account does not qualify as a tax-free investment. R9 000 which Billy Khumalo won at the Sun City casino. He visited the Sun City resort for a week while on holiday and decided one evening to gamble for the fun of it. REQUIRED: 1.1) Calculate Billy Khumalo's income for the 2023 year of assessment. Include the applicable section of the Income Tax Act as part of your answer and show all calculations. If an amount is excluded, state this fact and provide a brief reason for your answer. (25 marks) ADDENDUM A: TAX TABLES AND REBATES 2023 tax year (1 March 2022-28 February 2023) Taxable Income (R) 1-226 000 226 001-353 100 353 101-488 700 488 701-641 400 641 401-817 600 817 601-1731 600 1 731 601 and above Rates of tax (R) 18% of taxable income 40 680 +26% of taxable income above 226 000 73 726 + 31% of taxable income above 353 100 115 762 + 36% of taxable income above 488 700 170 734+39% of taxable income above 641 400 239 452 + 41% of taxable income above 817 600 614 192 + 45% of taxable income above 1 731 600 Tax Rebates Primary Secondary (65 and older) Tertiary (75 and older) 2023 16 425 9 000 2 997