Mr Reddy and Mrs Reddy are both under 65 and married out of community ofproperty. The following information is provided for the year ended 28 February2018: R Mr Reddy's salary 220 000 Mrs Reddy's net income from a business sheconducts as a sole proprietor 80 000 Dividends from South African listed shares (Mr Reddy) 4000 Interest on savings account (Mr Reddy) 16 000 Interest onsavings account (Mrs Reddy) 20 000 Mr Reddy paid the following amounts duringthe year: Pension fund contributions 8 000 Retirement annuity fund contributions1 600 Mrs Reddy paid RAF contributions of 9 000 Required: Calculate (in full) thetax payable by Mr and Mrs Reddy for the tax year of assessment ending 28February 2018. Show all calculations.

To calculate the tax payable by Mr. and Mrs. Reddy for the tax year of assessment ending on 28…

Answered: Mr Reddy and Mrs Reddy are both under…

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter5: Gross Income: Exclusions

Section: Chapter Questions

Problem 2BCRQ

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Linda is an employee of JRH Corporation. Which of the following would be included in Lindas gross income? a. Premiums paid by JRH Corporation for a group term life insurance policy for 50,000 of coverage for Linda. b. 1,000 of tuition paid by JRH Corporation to State University for Lindas masters degree program. c. A 2,000 trip given to Linda by JRH Corporation for meeting sales goals. d. 1,200 paid by JRH Corporation for an annual parking pass for Linda.
Nelson Nilam is a 74 year old resident of the Republic who works in the motor industry. He has been married in community of property to Dinky Magubane (aged 60) for 15 years. Nelson has the following income and expenses for the 2022 year of assessment: Income Salary R 25 000 pm Bonus 10% of gross salary Interest local R 80 000 pa Dividends- (listed SA company) R 15 000 Foreign- Dividends (From a listed company) R3 000 pa Foreign- Interest R5 000 Rental Income (derived from garden cottage) R 10 000 pm Expenses Maintenance to rental property R 30 000 pa He belongs to a medical aid fund to which he contributed R3 000 per month to during the year of assessment and he had medical expenses of R23 500, which were not covered by the medical aid fund. His employer also deducts employees' tax of R12 785 and he paid R20 200 provisional tax for the 2022 year of assessment. Dinky Magubane Income and expenses for the 2022 year of assessment: Salary R 18 000 pm Income from Tax Free Investments R4 600…
Paul is an employee, but also has a small business. For the year ended 31st March 2024 his sales were £2, 500 and his running expenses were £460. He also bought a second-hand computer for use in his business for £200. His taxable trading income for the year will be: Question 14Select one: a. £2,500 b. £2, 040 c. £1,840 d. £1,500
Nelson Nilam is a 74 year old resident of the Republic who works in the motor industry. He has been married in community of property to Dinky Magubane (aged 60) for 15 years. Nelson has the following income and expenses for the 2022 year of assessment: Income Salary R 25 000 pm Bonus 10% of gross salary Interest local R 80 000 pa Dividends- (listed SA company) R 15 000 pa Foreign-Dividends (From a listed company) R3 000 pa Foreign - Interest R5 000 pa Rental Income (derived from garden cottage) R 10 000 pm Expenses Maintenance to rental property R 30 000 pa He belongs to a medical aid fund to which he contributed R3 000 per month to during the year of assessment and he had medical expenses of R23 500, which were not covered by the medical aid fund. His employer also deducts employees' tax of R12 785 and he paid R20 200 provisional tax for the 2022 year of assessment.
James and Carol are husband and wife. James is disabled. The income and expenses of James and Carol for the year ended 31 December 2021 are as follows: RM James Employment - Salary 35,000 Carol Partnership business - Statutory income 4,350 Employment-Salary 16,600 Travelling allowance 3,000 James incurred expenses as follows: Donation to an approved institution 2,600 Contributions to Employees Provident Fund 3,850 Medical examination for self 750 Medical expenses for his father 1,300 Fees for his part-time course in Islamic financing at a university in Kuala Lumpur, recognised by the Government 1,100 Carol incurred expenses as follows: Contributions to Employees Provident Fund 2,156 Medical expense on cancer treatment for herself 2,700 Medical expenses for her mother 900 Basic supporting equipment for her disabled father 3,600 Travelling expenses incurred in the course of her work 4,000 1 Required: Calculate tax payable for the YA2021 for: (a) Carol(Thiwya Srie) (b) James; and…
Mr Lee owns a residential property in Hong Kong. During the year ended 31 March 2021, Mr Lee received the followings from the tenant: (1) Rent: $240,000 ($20,000 x 12) (2) Refundable deposit: $20,000 (3) Management fee: $12,000 ($1,000 per month). For the sake of convenience the tenant paid the management fee to the management office through Mr Lee. Based on the above information, the net assessable value of the above property for the year of assessment 2020/21 is: a. $192,000. b. $185,600. c. $201,600. d. $208,000.
Mr. Latif is working as an accountant in a general partnership namely 'Al Majan' for the last two years. His monthly allowance is OMR 100 PM and his gross salary is OMR 750 PM. His joining date is 08-07-2003. Since he produced a false identity, he was terminated on 01-01-2009. Calculate gratuity. • a. No gratuity O b. 2,500 O c 3,500 O d. 2,585 Clear my choice
Shenira is a resident of the Republic. She is 30 years old and she is married to Ryan in community ofpropertyThe following information relates to the 2022 year of assessment for Shenira and Ryan.Income from a Republic source for Shenira: A salary of R400 000. Net rentals of R40 000 were earned from a beach cottage. Interest of R24 000 was earned from a fixed deposit.Income from a Republic source for Ryan: Interest of R16 000 was earned from a fixed deposit Rent received from a flat he owns in Durban amounted to R24 000Foreign income (Shenira) Foreign dividends of $760 of which R3 167 is exempt Interest of ₤165 on an investment inherited from her aunt. The inheritance and the income on itare excluded from their joint estate. This interest was not subject to a withholding tax. Assume the average exchange rates for the 2021 year of assessment were $1 : R15 and ₤1 :R18 respectively. In terms of section 25D (3), she elected that her foreign receipts and accrualsbe translated into…
Natasha Mutale commenced employment as an Electrical engineer with Zesco limited in Kitwe on 1 August 2022. Her basic salary was K180,000 per annum. Natasha was also entitled to the following benefits: 1. Water expenses of K700 per month for her residence were to be paid on her behalf by her employer. 2. Electricity expenses of K14,400 per annum for her residence were also to be paid by her employer. 3. A monthly non-cash voucher to be exchanged for K1,000 worth of goods from Pick and Pay stores. 4. Lunch is provided at Zesco limited employee cafeteria. The cost to the company of providing lunch was estimated at K1,600 per month 5. A re- imbursement of medical expenses incurred of K6,000 in the charge year 2022. Natasha and her family had accessed medical treatment from a private hospital in Kitwe town. She is entitled to a re-imbursement of all medical bills as long as the clinic is approved by the Human Resource department of which the clinic in question was. 6. A re- imbursement…
Glen carries a $125,000 insurance policy on his life. Premiums paid over the years total $6.000. Dividends on the policy have totaled $4,000. Glen has left the dividends on the policy with the insurance company. During the curent year, the insurance company credited $1,500 of interest on the accumulated dividends to Glen's account. Requirements a. How much income is Glen obligated to report in connection with the policy? b. Would it make any difference if the acumulated dividends equaled 58.000 instead of $4,0007 Requirement a. How much income is Glen obligated to report in connection with the policy Glen would report only the interest $1.500 as taxable income Requirement b. Would it make any difference if the accumulated dividends equaled $8.000 instead of $4,0007 V Glen would be taxed on rates avalable to recipients of corporate dividend distributions. The total tavable amount ie The amount for the lower tax
Mr. C, married, is a citizen and resident of the Philippines. He had the following data on income and expenses Salaries, net of P7,000 SSS, Philhealth, Pagibig contributions, and labor union dues Thirteen month pay Allowances Gain on sale of asset P88,000 8,000 16,000 10.000
Chris 45 and Alison 46 are marries and they will file a joint return . During the year they earned 82500 wages. They also jad investment income consisting of 200 interest income from a savng account 350 interest income from a certificate of deposit held with another bank 250 interest income from a us treasury 500 tax exempt interest income from municipal bond and 1700 in ordinart dividends from a mutual fund what amout will cris and allison report for taxable interest in their 1040

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