TAX 1501 ASSIGNMENT 2

Salary (40 000 * 12) 480 000.00 Local Interest 20 000.00 Less exemption 34 500 limited to .00 - Foreign dividends 5 000.00 Foreign dividend exclusion 25/45 * .78 2 222.22 2 222.22 Medical aid contributed by employer (3 000 * 4) 12 000.00 Subsistence allowance Value 20 000.00 Less greater of: Actual costs = (8 000 + 1 038) = 9 038 Deemed costs =(416 * 5) = 2 080 We will use .00 10 962.00 10 962.00 Accommodation = () x 18/100 x 12/12 43 965.00 Loan Value (15 000 * 8,5% * 6/12) 637.50 Less: Consideration paid (15 000 *3% *6/12) - 225.00 412.50 412.50 Vehicle (240 000 + 33 600)* 3,5% * 12 100 800.00 Cell phone allowance (1 000 * 12) 12 000.00 Income 662 361.72 Less: Allowable Deductions Retirement fund contributions (6 000 *12 = 72 000) Full amount deductible - 72 000.00 Taxable income 590 361.72 147 891 + 39% (590 361,) 161 448.07 Primary rebate - 14 067.00 This study source was downloaded by from CourseH on :52:52 GMT -05:00 This study resource was shared via CourseH Assignment 2 Unique no: Student no: Secondary r