Please answer now question 3,4,5 and 6 also the assignment is due today...NB show calculations please

FACULTY OF ECONOMIC & MANAGEMENT SCIENCES Question 3 15 Marks 27 minutes Monica Weyulu had the following income for the year of assessment ending 28 February 2020: N$ Salary 10 000 Director's Fee 2 000 Interest from First National Bank 1 000 Interest from Bank in the US 4 000 Dividends 2 000 100 000 Legacy Gift 20 000 Profit on sale of house 10 000 Share Premium receipt 5 000 3 000 1 000 50 000 Subsidy on soil erosion Annuity from insurance company Lump sum from employer Profit from business branch in South Africa Sale of shares held as: Investment Trading Stock 10 000 8 000 6 000 Required: Calculate the gross income of Monica Weyulu for the year of assessment ending at 28 February 2020 Page 10 of 18 Question 4 25 MARKS - 45 minutes Mr James is a sales manager at Shoe City Corporation. The following information is the income and expenditure for the year ended 2020: Income: N$ Salary Director's fee Profit from business Farming profit Profit on sale of house Profit on sale of shares held as investment Legacy received Gift from mother Prize from employer for making most sales Uniform allowance 100,000 4,000 20,000 15,000 100,000 10,000 20,000 10,000 2,000 4,000 Expenses: Pension contribution RAF contribution Education policy premiums Donation to university Medical aid premiums Medical aid expenses Insurance premiums 15,000 20,000 2,000 2,000 4,000 2,000 1,000 Required: Calculate the taxable income for Mr. James for the year ended 2020. FACULTY OF ECONOMIC & MANAGEMENT SCIENCES Question 5 15 Marks 27 minutes a) Name five requirements of a valid tax invoice (5) b) Explain the difference between customs duty and excise duty (4) c) Indicate whether the following transactions are standard-rated, zero-rated or exempt transactions for VAT purposes: (6) i. Purchase of fuel ii. Receive interest on an investment Letting of commercial property iv. University tuition fees Construction of a building used for residential purpose vi. Supply of public transport service V. you to Question 6 10 Marks - 18 minutes Donald enterprise cc a registered company submitted the following transaction determine their VAT payable for the two month period ended 31 April 2020: Sale of goods at N$2,185,000 for cash Sale of goods valued at N$1,207,400 on credit Sale of gods valued at N$805,000 to international clients and exported it directly Received payments from debtors which were already accounted for N$360,000 Purchased goods locally at N$1,955,000 on credit Required: Calculate the VAT to be charged on the above transactions. Page 12 of 18 FACULTY OF ECONOMIC & MANAGEMENT SCIENCES Tax calculation NIL (No tax) Appendix A: Individual tax rate table Income Bracket NS O-N$ 50,000 N$ 50,001 - NS 100,000 N$ 100,001 - N$ 300,000 N$ 300,001 - N$ 500,000 N$ 500,001 - N$ 800,000 N$ 800,001 - N$ 1,5 mill. . = 18 % of amount above N$ 50,000 N$ 9,000 + 25% of amount above N$ 100,000 N$ 59,000 + 28% of amount above NS 300,000 N$ 115,000 + 30% of amount above N$500,000 NS 205,000 + 32% of amount above N$ 800,000 N$ 429,000 + 37% of amount above NS 1,5 mill. . Above N$ 1,5 million Page 13 of 18