The prepaid taxes that are paid by a taxpayer can be used to reduce the tax liability of the individual and does not include amount that an employer pays to SARS on behalf of the employee. Select one: True False

The prepaid taxes that are paid by a taxpayer can be used to reduce the tax liability of the individual and does not include amount that an employer pays to SARS on behalf of the employee. Select one: True False

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Fringe Benefit Tax

Fringe benefits are in addition to the compensation that companies give to their employees. It is an additional benefit above the stated salary. It helps to keep the employees of the firm motivated as sometimes the only salary is not enough to retain the quality employees of the firm. There are different types of fringe benefits. Fringe benefits are given in both private as well as public enterprises.

Question

The prepaid taxes that are paid by a taxpayer can
be used to reduce the tax liability of the individual
and does not include amount that an employer
pays to SARS on behalf of the employee.
Select one:
True
False

The medical tax credit for a taxpayer that is a
member of a registered medical aid is R310 for the
main member and all dependents.
Select one:
True
False

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