You are required to: calculate the tax arising in each of the following circumstances and indicate...

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You are required to: calculate the tax arising in each of the following circumstances and indicate who pays lesser and higher tax. (2) 1. The normal tax payable by a sole trader (assuming that the sole trader is over 75 years) with taxable income of R1 500 000 for the year of assessment ending 28 February 2022. (6) 2. The normal tax payable by a company with taxable income of R1 500 000 for the year of assessment ending 31 March 2022. (1) 3. The normal tax payable by a trust with taxable income of R1 500 000 for the year of assessment ending 28 February 2022. (1) 4. The normal tax payable by a partnership with taxable income of R1 500 000 for the year of assessment ending 28 February 2022. (4) 5. The normal tax payable by a small business corporation with taxable income of R1 500 000 for the year of assessment ending 31 March 2022. (3) 6. The output VAT on the supply of goods by a vendor for inclusive and exclusive of R1 500 000. What are the values of those amounts? (4) You are required to: calculate the tax arising in each of the following circumstances and indicate who pays lesser and higher tax. (2) 1. The normal tax payable by a sole trader (assuming that the sole trader is over 75 years) with taxable income of R1 500 000 for the year of assessment ending 28 February 2022. (6) 2. The normal tax payable by a company with taxable income of R1 500 000 for the year of assessment ending 31 March 2022. (1) 3. The normal tax payable by a trust with taxable income of R1 500 000 for the year of assessment ending 28 February 2022. (1) 4. The normal tax payable by a partnership with taxable income of R1 500 000 for the year of assessment ending 28 February 2022. (4) 5. The normal tax payable by a small business corporation with taxable income of R1 500 000 for the year of assessment ending 31 March 2022. (3) 6. The output VAT on the supply of goods by a vendor for inclusive and exclusive of R1 500 000. What are the values of those amounts? (4)

Answer rating: 100% (QA)

1 For an individual taxpayer over 75 years the tax rates for the 2022 tax year are as follows Taxable income up to R1755750 0 Taxable income from R175... View the full answer