Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Joseph , a 4 8 - year - old South African resident, has been an employee of Pay Pick for several years. He ears a

  
Joseph, a 48-year-old South African resident, has been an employee of Pay Pick for several years. He ears a monthly salary of R17 000. 20% of Joseph's salary is deducted as employees' tax. In April 2020, Joseph started a side hustle to ear extra income. Joseph did not form a registered company, but he traded under the name"JosephJobs". For the 2024 year of assessment, Joseph made a monthly profit of R6 550 from this side business.The following information relates to Joseph for the relevant years of assessment: Joseph estimates that his earnings for the 2024 year of assessment will beR200 000. He submitted his 2021 tax return on 1 May 2023. He submitted the 2022 tax return on 31 October 2023. He was assessed for his 2021 tax year and received a letter verifying this on 22 June 2023. The assessed tax for the 2021 year of assessment was R270 000 The 2022 tax year was assessed on 24 December 2023 and was R210 000.REQUIRED:2.1 What is the due date for submitting an individual's first provisional tax return?(1 mark)2.2 Calculate what Joseph's first provisional tax payment would be for the 2024 year of assessment if the payment were based on the basic amount and not onan estimate.Show all your calculations and round your answers to the nearest rand.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

21 The due date for submitting an individuals first provisional tax return is six months after the e... blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Document Format ( 2 attachments)

PDF file Icon
6641d2c05f69e_988369.pdf

180 KBs PDF File

Word file Icon
6641d2c05f69e_988369.docx

120 KBs Word File

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

International Business Law Text Cases And Readings

Authors: Ray A. August, Don Mayer, Michael Bixby

6th International Edition

0273768611, 978-0273768616

More Books

Students also viewed these Accounting questions

Question

What is a make-or-buy decision?

Answered: 1 week ago