Required: Calculate the tax lisbility for each of the following entities using the corroct basic formula: 21 A sole proprietorship with year-end 28 Feturuary 2024: aik - The owner, aged 49, estimates his business sales will be R 750 000 for the relevant assessment year. He incurred expenses amounting to R250 000 in the production of income. He also received interest of R30 000 and paid provisional tax in the amount of R10 000 for the year. 22 A parinerstip that shares equally in the profits and losses with year-end 28 February 2024: Bath partners, aged 70, had partnership sales of R750 000 and allowable section 11 (a) deductions of R250 000. The parinersive received R30 000 interest for the year on the partnership bank account. 2.3 A company with year-end 28 February 2024. The company had sales of R50D 000 and incurred expenses in the production of income amounting to R250 000. In addition, the company received interest of R30 000 from a South African source. The company paid provisional tax of R60 000 for the relevant year of assessment 2.4 A close corporation with year-end 31 January 2024 The close corporation had business income of R 750 000 and incurred expenses in the production of income to the amount of R300000 for the relevant assessment year. In addition, the close corporation received dividends from a South African source to the amount of R50 000. 2.5 A company that qualifies as a Small Business Corporation (SBC) in terms of section 12E of the income Tax Act (No 58 of 1962 as amended) with year-end 31 March 2024:
Required: Calculate the tax lisbility for each of the following entities using the corroct basic formula: 21 A sole proprietorship with year-end 28 Feturuary 2024: aik - The owner, aged 49, estimates his business sales will be R 750 000 for the relevant assessment year. He incurred expenses amounting to R250 000 in the production of income. He also received interest of R30 000 and paid provisional tax in the amount of R10 000 for the year. 22 A parinerstip that shares equally in the profits and losses with year-end 28 February 2024: Bath partners, aged 70, had partnership sales of R750 000 and allowable section 11 (a) deductions of R250 000. The parinersive received R30 000 interest for the year on the partnership bank account. 2.3 A company with year-end 28 February 2024. The company had sales of R50D 000 and incurred expenses in the production of income amounting to R250 000. In addition, the company received interest of R30 000 from a South African source. The company paid provisional tax of R60 000 for the relevant year of assessment 2.4 A close corporation with year-end 31 January 2024 The close corporation had business income of R 750 000 and incurred expenses in the production of income to the amount of R300000 for the relevant assessment year. In addition, the close corporation received dividends from a South African source to the amount of R50 000. 2.5 A company that qualifies as a Small Business Corporation (SBC) in terms of section 12E of the income Tax Act (No 58 of 1962 as amended) with year-end 31 March 2024:
SWFT Essntl Tax Individ/Bus Entities 2020
23rd Edition
ISBN:9780357391266
Author:Nellen
Publisher:Nellen
Chapter5: Business Deductions
Section: Chapter Questions
Problem 1BCRQ
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Transcribed Image Text:Required: Calculate the tax lisbility for each of the following entities using the corroct basic formula: 21 A sole
proprietorship with year-end 28 Feturuary 2024: aik - The owner, aged 49, estimates his business sales will be R
750 000 for the relevant assessment year. He incurred expenses amounting to R250 000 in the production of income. He
also received interest of R30 000 and paid provisional tax in the amount of R10 000 for the year. 22 A parinerstip that
shares equally in the profits and losses with year-end 28 February 2024: Bath partners, aged 70, had partnership sales
of R750 000 and allowable section 11 (a) deductions of R250 000. The parinersive received R30 000 interest for the year
on the partnership bank account. 2.3 A company with year-end 28 February 2024. The company had sales of R50D
000 and incurred expenses in the production of income amounting to R250 000. In addition, the company received
interest of R30 000 from a South African source. The company paid provisional tax of R60 000 for the relevant year of
assessment 2.4 A close corporation with year-end 31 January 2024 The close corporation had business income of R
750 000 and incurred expenses in the production of income to the amount of R300000 for the relevant assessment year.
In addition, the close corporation received dividends from a South African source to the amount of R50 000. 2.5 A
company that qualifies as a Small Business Corporation (SBC) in terms of section 12E of the income Tax Act (No 58 of
1962 as amended) with year-end 31 March 2024:
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