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Please assist in answering all questions below and provide calculation you are required to calculate net tax liability for Nelson nilam for the year of
Please assist in answering all questions below and provide calculation you are required to calculate net tax liability for Nelson nilam for the year of assessment 28 February 2022
Nelson Nilam is a 74 year old resident of the Republic who works in the motor industry. He has been married in community of property to Dinky Magubane (aged 60) for 15 years. Nelson has the following income and expenses for the 2022 year of assessment: Income Salary R 25 000 pm Bonus 10% of gross salary Interest local R 80 000 pa Dividends- (listed SA company) R 15 000 pa Foreign - Dividends (From a listed company) R3 000 pa Foreign - Interest R5 000 pa Rental Income (derived from garden cottage) R 10 000 pm Expenses Maintenance to rental property R 30 000 pa He belongs to a medical aid fund to which he contributed R3 000 per month to during the year of assessment and he had medical expenses of R23 500, which were not covered by the medical aid fund. His employer also deducts employees' tax of R12 785 and he paid R20 200 provisional tax for the 2022 year of assessment YOU ARE REQUIRED TO: Calculate the net tax liability for Nelson Nilam for the year of assessment ending 28 February 2022Step by Step Solution
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