QUESTION $[40$ MARKS$]$

In the $2023/24$ year of assessment John Kaisosi had the following transaction relating to his employment:

$($i$)$ A salary of N$$120000$ and an annual bonus of N$$10000$ accrued to him. He paid PAYE of N$$30568$ during the year. The uniform allowance of N$$200$ per month that he also received was just enough to cover the two uniforms that he used during the year.

$($ii$)$ His employer asked the auditors to help his employees with their income tax calculations. The cost for the employer was N$ $7150$ for thirteen employees.$$

$($iii$)$ Current pension fund contributions at $8\%$ of his salary amounting to N$$9600$ were deducted from his salary. Medical aid contributions of N$$4800$ were also deducted from his salary.

$($iv$)$ He paid N$ $21500$ in premiums on education policies for his children. Medical and dental expenses paid by John and not recovered from the medical aid amounted to N$ $2200.$

$($v$)$ A monthly travel allowance of N$$2500$ for using his own car and paying all expenses thereof on his employer$$s business. His car had cost him N$$102600.$ He kept record of motor car expenses incurred. Total distances travelled for the year was $40000$ of which $30000$ was for business. Total expenses for the car for the year was N$$12000.$

$($vi$)$ On $31$ December $2023,$ he received a gold watch which cost his employer N$ $41999,$on the occasion of completing his first twelve years of service with his employer.

$($vii$)$ His employer sent him for a course to Durban and paid all the costs $($except drinks and room service$)$ for him and his wife, who accompanied him. The total bill amounted to N$ $15000.$ John paid N$$1326$ for their drinks and room service.

$($viii$)$ He was invited to participate in his employer$$s share incentive scheme. On $1$ July $2023,$ he was offered and agreed to purchase $10000$ shares at their current market value of N$$5$ each. He paid N$$1000$ of the purchase price, the rest being a loan repayable not later than $2013$ and bearing interest at the prime overdraft rate from time to time, but the interest charge being limited to the amount of dividends awarded on the shares during each year ended on the last day of February. The prime overdraft rate for the relevant period was $12\%$ a year and dividends which accrued to Joe during the period amounted to N$$2500.$

REQUIRED:

Calculate tax payable for the year ended $29$ February $2024$ for John Kaosi.