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    Web 3 Solution To Q2

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    Olivia Khumalo
    This document summarizes the tax calculation for an individual with a gross income of R704,000. It shows the individual's salary, other income sources, exemptions and deductions. It then calculates the taxable income after exemptions and deductions are applied. Using the 2023 tax tables, it determines the normal tax liability is R166,204 after taking into account the primary rebate.

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    Web 3 Solution To Q2

    Uploaded by

    Olivia Khumalo
    2 views1 page
    This document summarizes the tax calculation for an individual with a gross income of R704,000. It shows the individual's salary, other income sources, exemptions and deductions. It then calculates the taxable income after exemptions and deductions are applied. Using the 2023 tax tables, it determines the normal tax liability is R166,204 after taking into account the primary rebate.

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    Taxation

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    Web 3 Solution to Q2 (1)

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    This document summarizes the tax calculation for an individual with a gross income of R704,000. It shows the individual's salary, other income sources, exemptions and deductions. It then calculates the taxable income after exemptions and deductions are applied. Using the 2023 tax tables, it determines the normal tax liability is R166,204 after taking into account the primary rebate.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as docx, pdf, or txt
    2 views1 page

    Web 3 Solution To Q2

    Uploaded by

    Olivia Khumalo
    This document summarizes the tax calculation for an individual with a gross income of R704,000. It shows the individual's salary, other income sources, exemptions and deductions. It then calculates the taxable income after exemptions and deductions are applied. Using the 2023 tax tables, it determines the normal tax liability is R166,204 after taking into account the primary rebate.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    of 1

    Taxation 2A

    Webinar 3-Solution to question 2 (Caselet)

    Gross Income R704 000


    Salary 500 000
    Academic work 140 000
    Net rentals (60 000 + 40 000 Megan)/2 50 000
    Interest (28 000/2) 14 000
    Less: Exemptions (14 000)
    Interest exemption-limited to a maximum of R23 800 (14 000)

    Income 690 000


    Less: Deductions and allowances (18 100)
    Cleaning and maintenance (R4 500 x 12) x 10% (5 400)
    Assessment rates and utility charges (R72 000 x 10%) (7 200)
    Office equipment (R33 000/3 x 6/12) (5 500)
    * Taxable income 671 900
    Tax payable *(see 2023 tax table) 182 629
    170 734 + 39% X (671 900 – 641 401)
    170 734 + 39% X (30 499)
    170 734 + 11 895
    Less: Primary rebate (16 425)
    Normal tax liability R166 204

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