The following information is relevant for Mr T. Toof tax calculation for the year ended 28...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
The following information is relevant for Mr T. Toof tax calculation for the year ended 28 February 2022: i. he received interest on his local savings account of R17 500 as well as interest on his Mozambique fixed deposit account of R54'100. he received dividends from his shares in Pakke Ltd a JSE Listed company of R90'000, he also received R78'800 in dividends from his shareholding in Delta Sea-foods Ltd a Nigerian company listed on the Nigerian stock exchange. he was retrenched on 30 November 2021 and his employer closed down part of his business. he had received a salary of R290'000 for 01 March to 30 November 2021. iv. he contributes 5% of his salary to a Retirement annuity fund. V. Mr T Toof put in a claim with the Unemployment insurance Fund and received benefits of R12'000 for the period 1 December 2021 to 28 February 2022 vi. he purchased an annuity on 1 June 2022 for R10'000. he received a monthly annuity in terms of this contract of R180 from the end of June. This annuity would run for a period of 7 years. vii. he is 66 years old at 28 February and was ordinarily resident in SA during the 2022 tax year. Required: (a) Calculate tax payable/refundable by Mr T Toof in the 2022 tax year. The following information is relevant for Mr T. Toof tax calculation for the year ended 28 February 2022: i. he received interest on his local savings account of R17 500 as well as interest on his Mozambique fixed deposit account of R54'100. he received dividends from his shares in Pakke Ltd a JSE Listed company of R90'000, he also received R78'800 in dividends from his shareholding in Delta Sea-foods Ltd a Nigerian company listed on the Nigerian stock exchange. he was retrenched on 30 November 2021 and his employer closed down part of his business. he had received a salary of R290'000 for 01 March to 30 November 2021. iv. he contributes 5% of his salary to a Retirement annuity fund. V. Mr T Toof put in a claim with the Unemployment insurance Fund and received benefits of R12'000 for the period 1 December 2021 to 28 February 2022 vi. he purchased an annuity on 1 June 2022 for R10'000. he received a monthly annuity in terms of this contract of R180 from the end of June. This annuity would run for a period of 7 years. vii. he is 66 years old at 28 February and was ordinarily resident in SA during the 2022 tax year. Required: (a) Calculate tax payable/refundable by Mr T Toof in the 2022 tax year.
Expert Answer:
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
Students also viewed these accounting questions
-
The following information is available about items that differ between the governmental funds and the government-wide statements. Assume that there are no internal service funds. The schedule of...
-
The following information is for Calle Concordia Company: For the years 2010, 2011, and 2012, compute: 1. Return on equity 2. Return on sales 3. Asset turnover 4. Assets-to-equityratio 2011 2010 2012...
-
The following information is for Kiev Derrald Company: Manufacturing overhead (actual) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $175,000 Ending raw...
-
The future value S of principal P invested for n years with an interest rate r% compounded annually may be calculated using the formula Rearrange this formula to express P in terms of S, r and n. S =...
-
What is the function of copy in an advertising message?
-
What is a method used to confirm accuracy of data entry? Explain in details.
-
Consider the following "case-control" sample selection method for binary dependent variables. Intuitively, if we are working with a problem in which the event of interest is rare, we want to make...
-
Describe the components of the common body of tax law (CBOTL). What role does the U.S. Congress play in creating the tax law? Briefly explain how a tax bill becomes a tax law. What role does the...
-
Consider the $1.90 per person per day as the relevant international poverty line and define an appropriate weekly poverty line. Compute the poverty severity index for this population of households....
-
The following data relate to the operations of Shilow Company, a wholesale distributor of consumer goods: Current assets as of March 31: Cash $ 8,000 Accounts receivable 20,000 Inventory 36,000...
-
In the system presented on the above diagram, block 2m and block 3m are connected by a light string passing over a frictionless pulley. Block 2m is placed on the surface of a horizontal table with...
-
Consider a three-security portfolio below: Security 1 2 3 Maturity (in years) 1 1 1 Par value Price Yield to maturity $100 $98 2.06% $100 $95 5.0% $100 $97 3.1% These securities pay $0 coupons at the...
-
Your workplace has a casual Friday policy that doubles as a fundraiser for charity. Employee who wants to take part have to put $2 in a donation jar each Friday if they wear casual clothing instead...
-
All citizens are said to engage in what John Locke called the social contract . What is the social contract and how does it relate to American government? The Constitution states limits on the powers...
-
Consider a specific job within the criminal justice system. What characteristics of that job are sources of motivation, and what characteristics may lead to dissatisfaction or burnout? How would you...
-
The White Feather Corporation (WFC) is a rapidly growing consumer products organization that specializes in the production and sales of specialty household items such as lawn furniture cleaners, spa...
-
Golden Manufacturing Company started operations by acquiring $90,000 cash from the issue of common stock. On January 1, Year 1, the company purchased equipment that cost $80,000 cash, had an expected...
-
If the amplifier indicated by the box input impedance of oo, which of the following statements are true ? has an open loop gain as well as Feedback factor (\beta = 1/ R_1\) The feedback is voltage...
-
Scott Butterfield is self-employed as a CPA. He uses the cash method of accounting, and his Social Security number is 644-47-7833. His principal business code is 541211. Scott's CPA practice is...
-
Emily Jackson (Social Security number 765-12-4326) and James Stewart (Social Security number 466-74-9932) are partners in a partnership that owns and operates a barber shop. The partnership's first...
-
Ken paid the following amounts for interest during 2012: Qualified interest on home mortgage...........................................$4,700 Auto loan...
-
Obtain the time variation of the lift and propulsive force coefficients and their plots for the airfoil given by Example 8.5. Assume that the profile pitches about quarter chord point. Example 8.5...
-
Write down a numerical solution algorithm for the LU decomposition solution of the pseudo penta diagonal matrix equation given by (A11.4). A11.4 || B C 2 A2 B2 C2 922 An-1 Bn-1 Cn-1 -1 An Bn R R Rn-1...
-
Obtain Eq. 8.66 as a relation between the wake vorticity and the reduced circulation. Eq. 8.66 w(x) = k(Q; cosx-22, sin x) cos ks +k(Q; sin x+Q, cos x) sinks, Q = Q, +Q;i
Study smarter with the SolutionInn App