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 =...
-
Harry, Iona, and Jerry formed a partnership on January 1, 2011, with each partner contributing $20,000 cash. Although the partnership agreement provided that Jerry receive a salary of $1,000 per...
-
If x > 3, which of the following is equivalent to x-3 1 x+2 - ? 1 2x-1
-
Match each item in the value chain, 1 through 7, with an example of an artificial intelligence initiative, choosing from items \(a\) through \(g\). Value Chain 1. Research and development Artificial...
-
1. Which of the following are not included in GDP? a. Leisure time b. Sales of new cars c. Strawberries sold in a grocery store d. Economics textbooks sold in the bookstore 2. Men s reported...
-
A company has current assets of $200 (cash of $65 and inventory of $135) and current liabilities of $120. At year end, management uses cash of $60 to repay accounts payable. After the repayment, what...
-
Fill-in the following using the data below. At Haddon, Inc., the office workers are employed for a 40-hour workweek. All workers, except King and Manera, are entitled to overtime pay for all hours...
-
You have an Azure subscription. You create a route table named Route1 and add several routes to Route1. To which Azure resource can you associate Route1? Subnet Virtual network Virtual network...
-
When an object is placed \(1.5 \mathrm{~m}\) in front of a converging mirror, an image of the object appears twice as high behind the mirror. (a) Is the image real or virtual? (b) Is it upright or...
-
Describe the partnership view of marriage that underlies the community property approach to the division of marital assets.
-
Following no-fault reform, why did property distribution become the preferred way to address the economic interests/needs of divorcing spouses?
-
An object that is \(50 \mathrm{~mm}\) tall is placed \(75 \mathrm{~mm}\) in front of a converging thin lens. If the image is inverted and \(100 \mathrm{~mm}\) tall, what are (a) the distance of the...
-
Some would argue that we have gone too far in eliminating fault as a consideration in support awards. What role do you think fault should play, if any?
-
What is Program Evaluation? Describe What is need assessment? Describe? What is a program logic model? Describe and analyze. What is one example? (including input, output, short term outcomes and...
-
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...
-
Georgia Co. raises peaches that, at harvest, are separated into three grades: premium, good, and fair. Joint cost is allocated to products based on bushels of output. The \(\$ 337,500\) joint cost...
-
Carvers Inc. manufactures wood statues, which yields sawdust as a by-product. Selling costs associated with the sawdust are \(\$ 250\) per ton sold. The company accounts for sawdust sales by...
-
Look up three not-for-profit organization's Web sites and find a recent annual report or IRS filing. Many charities are also listed at http://www.charitynavigator.org. a. How much did each of the...
Study smarter with the SolutionInn App