Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Suppose a natural person of 3 5 years receives an annual salary of R 2 9 0 8 0 0 . The person generates an

image text in transcribed
Suppose a natural person of 35 years receives an annual salary of R290800. The person generates an extra income at R550 per hour, has an investment yielding interest of R2160 per month and contributes R2580 per month to a pension fund. Assume that the following conditions are valid for a tax year for persons younger than 65 years:
Gestel 'n natuurlike persoon wat 35 jaar oud is verdien 'n jaarlikse salaris van R290800. Die persoon genereer 'n ekstra inkomste teen R550 per uur, het 'n belegging wat rente van R2160 per maand lewer en dra maandeliks R2580 by tot 'n pensioenfonds. Neem aan dat die volgende voorwaardes geld vir 'n belastingjaar vir persone jonger as 65 jaar:
\table[[\table[[Belasbare inkomste /],[Taxable Income]],Belastingkoers / Tax rate,,],[0-189880,18% van belasbare inkomste / of taxable income,,],[189881-296540,34178+26% van bedrag bo / of amount above 189880,,],[296541-410460,61910+31% van bedrag bo / of amount above 296540,,],[410461-555600,97225+36% van bedrag bo / of amount above 410460,,],[555601-708310,149475+39% van bedrag bo / of amount above 555600,,],[708311-1500000,209032+41% van bedrag bo / of amount above 708310,,],[1500001 and above,533625+45% van bedrag bo / of amount above 1500000,,],[Rentevrystelling op beleggings / Tax relief on investments],[\table[[Maksimum bedrag aftrekbaar van belasbare inkomste / Maximum amount deductible],[from taxable income]],R23800,,],[Belastingkortings / Tax rebates],[Primre korting op belasting / Primary rebate on tax],[Bydraes tot annuteite / Contributions to annuities],[\table[[Maksimum bedrag aftrekbaar van belasbare inkomste / Maximum amount deductible],[from taxable income]],R350000,,]]
MTHS112: Paper / Vraestel 1| Exam 1st qpp/Eksamen 1e gel | Full-time/Noltyds 2/5
2.1
Determine the taxable income x. Assume the person did extra work of 200 hours in the tax year.
2.2
Use the table and determine the tax T(x) due before rebates have been considered.
2.3
What is the the tax due after rebates?
Bepaal die belasbare inkomste x. Neem aan dat die persoon ekstra werk van 200 ure gedoen het in die belastingjaar.
Gebruik die tabel en bepaal die belasting T(x) verskuldig voordat kortings in ag geneem is.
Wat is die belasting verskuldig na kortings?
image text in transcribed

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_2

Step: 3

blur-text-image_3

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

Concepts In Federal Taxation

Authors: Kevin E. Murphy, Mark Higgins, Tonya K. Flesher

19th Edition

978-0324379556, 324379552, 978-1111579876

More Books

Students also viewed these Accounting questions

Question

How can sensitivity to pain be altered?

Answered: 1 week ago