12 Donalds monthly gross income from his employer is R15 000 and his deductions are Pension, Medical aid and Tax. The total amount of his deductions is RS600. 1.2.1 What is the net income aftei deductions? 12.2 If the Medical aid and pension deduct R3000 from his salary. What percentage of his income does Donald pay for tax?
12 Donalds monthly gross income from his employer is R15 000 and his deductions are Pension, Medical aid and Tax. The total amount of his deductions is RS600. 1.2.1 What is the net income aftei deductions? 12.2 If the Medical aid and pension deduct R3000 from his salary. What percentage of his income does Donald pay for tax?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Answer the whole of 1.2
Transcribed Image Text:20:03
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I Lebo is a learner who lives in the Stanger erea, He attends Stanger
21 HS -
-1.S I
I Comprehensive School, which has an encolment of 450 learners. The school had
many fund raising activities during the course of the year. They rased an
amount of R24 500, fowards the schools Sports and Fun day. Meals were
budgeted at R 18 per learner, Sound and entertainment amounted to 10% of the
total amount raised. Mr Pillay, the school principal decided to donate R B000.
I The sports stadium costs double the amount spent on banners and togs
L -- -- ---- ---- -----
L.
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1.1) Study the budget for the school sports and Fun day, then answer the questions set:
EXPENSES
A
INCOME
Income from fund raising
R 24 S00
Hire of stadium
Donation
R 8000
Мeals
B
Banners & tags
R 1250
Sound and entertainment
Admin & telephone
R250
TOTAL INCOME
AMOUNT LEFT OVER AFTER EXPENSES HAVE BEEN PAID
1.1.1
Calculate the values indicated by A, B. C. D, E
1.1.2 Verity whether a surplus or a deficit was made. Substantiate your answer
1.2 Donalds monthly gross income from his employer is R15 000 and his deductions are Pension, Medical aid and
Tax. The total amount of his deductions is R5600.
1.2.1
What is the net income ahei deductions?
1.2.2
If the Medical aid and pension deduct R3000 from his salary What percentage of his income does
Donald pay for tax?
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The Net Income of an individual will be the amount attained after the reduction of respective deductions available to the individual during a particular financial year. It can also be defined as the amount available in the individual's hands after the allowed deductions.
The normal deductions made on the income of an individual will be mostly the taxes applied, any credits received like pension, etc. The net income computation helps an individual in planning his personal budget and savings.
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