Question 3 Your uncle, David, heard that you are studying a taxation module and requests your assistance in calculating his taxable income for the financial year ending 28 February 2023. You are presented with the following information in relation to David: *David was 41 years old on 28 February 2023 and was an ordinary resident in South Africa during the 2023 tax period. *David received R40 000 in interest on his capital bank fixed savings account and R80 00 on his USA fixed savings account. *On 31 August 2022, David was retrenched by his employer. He received a salary of R110 000 from 01 March 2022 to 31 August 2022. *David submitted a claim with the unemployment insurance Fund(UIF). David received, in total, R35 000 on 30 October 2022. *David purchased an annuity of R300 from the end of November 2022, and this monthly annuity would run for a period of seven years. *on 01 June 2022, David received dividends of R7 000 from a JSE-listed company.

Required: calculate the taxable Income of David for the financial year ending 28 February 2023.