TAX1501 ASSESSMENT 2 SEMESTER 2 2025
PART A: NORMAL TAX PAYABLE
Gross Income R
Salary 1 800 000
Bonus 180 000
Overtime payment 26 000
Sale of skin care products 140 000
Local dividends 23 800
Local interest 50 000
Foreign interest 36 000
Rental income 56 000
Fringe benefits from employer: medical aid ( 1000*12) 12 000
: pension fund 60 000
—----------------
2 383 800
Less: Exempt ( 23 800+34 500) (58 300)
—----------------
Total income 2 325 500
Less: Deductions
Step 1: Percentage limit, greater of:
Remuneration ( R 2 078 000* 27,5%)= R 571 450
Taxable Income ( R 2 325 500* 27,5%)= R 639 512,5
Taxable is greater
Step 2:Actual contributions ( 120 000 pension funds)
Limited to the lesser of:
-R350 000
-R639 512,5
-R2 383 800
The lesser is R350 000 (120 000)
—------------------
2 205 500
PART A: NORMAL TAX PAYABLE
Gross Income R
Salary 1 800 000
Bonus 180 000
Overtime payment 26 000
Sale of skin care products 140 000
Local dividends 23 800
Local interest 50 000
Foreign interest 36 000
Rental income 56 000
Fringe benefits from employer: medical aid ( 1000*12) 12 000
: pension fund 60 000
—----------------
2 383 800
Less: Exempt ( 23 800+34 500) (58 300)
—----------------
Total income 2 325 500
Less: Deductions
Step 1: Percentage limit, greater of:
Remuneration ( R 2 078 000* 27,5%)= R 571 450
Taxable Income ( R 2 325 500* 27,5%)= R 639 512,5
Taxable is greater
Step 2:Actual contributions ( 120 000 pension funds)
Limited to the lesser of:
-R350 000
-R639 512,5
-R2 383 800
The lesser is R350 000 (120 000)
—------------------
2 205 500
