Okkie is 59 years old, a resident of the RSA and has worked for Heights Properties...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Okkie is 59 years old, a resident of the RSA and has worked for Heights Properties Ltd in Cape Town as a property manager for the past 25 years. Okkie elected to retire on 31 December 2018 from Heights Properties Ltd and received the following as a result of his retirement: R120 000 as a lump sum from Heights Properties Ltd R800 000 as a lump sum from H PF (Heights Properties Ltd requires that all its employees must be members of H PF) R12 000 per month as an annuity from H PF with effect from 1 January 2019. Since 1 March 2018, Okkie received a cash salary of R150 000 per month from Heights Properties Ltd. Okkie owns an investment property since 2015 and he leased it out during the last two years of assessment for R 8 000 per month. Except for the items listed above, Okkie did not have any other income or expenditure for the last two years of assessment. All his contributions to the PF have been allowed as deductions in the past. Calculate the normal tax payable by Okkie for the 2019 year of assessment. Okkie is 59 years old, a resident of the RSA and has worked for Heights Properties Ltd in Cape Town as a property manager for the past 25 years. Okkie elected to retire on 31 December 2018 from Heights Properties Ltd and received the following as a result of his retirement: R120 000 as a lump sum from Heights Properties Ltd R800 000 as a lump sum from H PF (Heights Properties Ltd requires that all its employees must be members of H PF) R12 000 per month as an annuity from H PF with effect from 1 January 2019. Since 1 March 2018, Okkie received a cash salary of R150 000 per month from Heights Properties Ltd. Okkie owns an investment property since 2015 and he leased it out during the last two years of assessment for R 8 000 per month. Except for the items listed above, Okkie did not have any other income or expenditure for the last two years of assessment. All his contributions to the PF have been allowed as deductions in the past. Calculate the normal tax payable by Okkie for the 2019 year of assessment.
Expert Answer:
Answer rating: 100% (QA)
The Normal Tax payable by Okkie for the 2019 Year of Assessment will be ... View the full answer
Related Book For
Fundamentals of Taxation 2015
ISBN: 9781259293092
8th edition
Authors: Ana Cruz, Michael Deschamps, Frederick Niswander, Debra Prendergast, Dan Schisler, Jinhee Trone
Posted Date:
Students also viewed these law questions
-
An airline has a policy that all its employees must receive a physical examination before they start working for the company. At what point in the selection process should the company request the...
-
Given that the firm did not have any problem paying the higher bill, would Nathan's planned course of action be ethical? Why or why not?
-
E.Z. was a resident of the Fredericksburg Care Company, L.P., a nursing home. E.Z. died, and her beneficiaries sued the nursing home for negligent care and wrongful death. The nursing home moved to...
-
What are the four different elements of advertising? Are all of them appropriate to an average retailer in most markets?
-
What information should be included in a report of a bivariate regression?
-
Determine the resultant forces at pins B and Con member ABC of the four-member frame. F -2 ft- E 5 ft. -5 ft- Prob. R6-8 B -2 ft 150 lb/ft C D 4 ft
-
Refer to the information in Exercise 16-57. However, now assume that the interest payments are made on July 1 , and January 1. Required a. Determine the selling price of the bonds. b. Prepare an...
-
Natural Hair Company supplies wigs and hair care products to beauty salons throughout Texas and the Southwest. The accounts receivable clerk for Natural Hair prepared the following...
-
What are the answers for these?. In 2019, Miss Demanding invested P5,500,000 in the shares of stock of 2 points Busy Corporation. The corporation's shares are listed and are traded in the local stock...
-
In a physics lab experiment, a compressed spring launches a 20 g metal ball at a 30 angle. Compressing the spring 20 cm causes the ball to hit the floor 1.5 m below the point at which it leaves the...
-
Practice Problem An algorithm does 14n + 5n+ 1 units of work on input of size n. Explain why this is considered an O(n) algorithm even though there is a term that involves just n.
-
Solve the following algebraic equations for the numerical value of X: X = 3-27
-
1. Consider the following money-in-utility model. The utility function is given by u(c, m) B (In c + ln mt) t=0 and the budget constraint is given by: = at + kt +mt + bt = f(kt-1) + (18)kt-1 + mt-1...
-
Solve 3t2 - 30t + 6 = 96 by completing the square. NOTE: Enter your solutions exactly.
-
x-8x+15 A) Let f(x) = = x2+2x-15 Calculate lim f(x) x 3 2x225x75 B) Let f(x) = x-18x45 Calculate lim f(x) x 15
-
On January 2, 2020, Sage Corporation issued $1,950,000 of 10% bonds at 98 due December 31, 2029. Interest on the bonds is payable annually each December 31. The discount on the bonds is also being...
-
Given an actual demand this period of 1 0 3 , a forecast value for this period of 9 9 , and an alpha of . 4 , what is the exponential smoothing forecast for next period? Question 2 0 Select one: a ....
-
Define the essential properties of the following types of operating systems: a. Batch b. Interactive c. Time sharing d. Real time e. Network f. Parallel g. Distributed h. Clustered i. Handheld
-
April, who is under age 50, is considering investing in tax-free state government bonds or making a permitted tax-deductible contribution to a traditional IRA. Assume that the amounts are the same...
-
Leonardos filing status is head of household. He has modified Adjusted Gross Income of $28,000, and he made a $3,000 contribution to his IRA. What is the amount of his retirement savings...
-
Explain the purpose of Form 1040-ES. Under what conditions are taxpayers required to file 1040-ES? When is Form 1040-ES filed?
-
Gustavo has received a promising job offer from XYZ Company. He would earn $25,000 a year. In addition, he would receive two weeks of paid vacation, five paid personal days, and five sick days. He...
-
Compare the advantages and disadvantages of using the career information sources discussed in this section.
-
What are two methods that you might use to grow and develop your career?
Study smarter with the SolutionInn App