Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Pride Pitso is 37 years old, and she is married to Sean out community of property. They have two children under the age of five.

Pride Pitso is 37 years old, and she is married to Sean out community of property. They have two children under the age of five. Pride's husband and two children are dependents on her medical aid fund. No family member has a disability as defined. Pride's taxable income is R680 700. She contributed R34 000 to the medical aid fund and her employer contributed an additional R34 000 to her medical aid fund. Pride paid additional qualifying medical expenses not covered by the medical aid fund of R21 000. You can assume her medical Scheme tax credit was correctly calculated as R11 000. YOU ARE REQUIRED to calculate the additional medical expense tax credit for the current year of assessment. (Round your answer to the nearest rand)

Select one:

a.

R18 648

b.

R7 326

c.

Rnil

d.

R1 513

Step by Step Solution

There are 3 Steps involved in it

Step: 1

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

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

Financial Accounting Tools for Business Decision Making

Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso

5th Edition

9781118560952, 1118560957, 978-0470239803

More Books

Students also viewed these Accounting questions

Question

What are the functions of top management?

Answered: 1 week ago

Question

Bring out the limitations of planning.

Answered: 1 week ago

Question

Why should a business be socially responsible?

Answered: 1 week ago

Question

Discuss the general principles of management given by Henri Fayol

Answered: 1 week ago