Question
QUESTION 3 (35 Marks) Thabo is a 68-year-old resident of the Republic who works in the oil industry. He has been married in community of
QUESTION 3 (35 Marks) Thabo is a 68-year-old resident of the Republic who works in the oil industry. He has been married in community of property to Thandi (aged 63) for 15 years. Thabo 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 Foreign Dividends (From a listed company) R 3 000 pa Foreign Interest R 5 000 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. Thandis Income and expenses for the 2022 year of assessment: Salary R 18 000 pm Income from Tax Free Investments R 4 600 YOU ARE REQUIRED TO: Calculate the tax payable for Thabo for the year of assessment ending 28 February 2022. Note: Please ensure that all tables and rebates used to for the calculation are for the 2022 year of assessment
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started