AIN3701 Assignment 2 (DETAILED ANSWERS) 2024 - DISTINCTION GUARANTEED

AIN3701 Assignment 2 (DETAILED ANSWERS) 2024 - DISTINCTION GUARANTEED - DISTINCTION GUARANTEED - DISTINCTION GUARANTEED Answers, guidelines, workings and references ..... Ms Jansen (financial director) once again called you to her office for some assistance. One of the employees of Ikhishi Likagogo called the manager of the Pay Office (reporting to Ms Jansen) to enquire how much tax he/she needs to pay for the current year. The Pay Office manager used the tax tables provided by the South African Revenue Services (SARS) to assist the employee. On average, the Pay Office manager gets up to five calls every day from employees asking this question. Ms Jansen provides you with the following spreadsheet (as attached): You will notice in column A that there are different tax brackets. Columns B and C put these values in different columns. Then you will see a base amount in column D with a percentage (%) in column E. Let me quickly explain to you how this work. Let’s say your yearly salary is R550 000. As the salary is between R512 801 and R673 000 the base tax amount will be R115 762 plus 36% of the amount above R512 801. Therefore, the tax will be: (R550 000 – R512 801) x 36% + R115 762 = R129 154. The Income Tax Act allows each natural person to claim a tax rebate. Everyone can claim a primary rebate of R17 235. After the age of 65 years, you can claim an additional secondary rebate of R9 444. Then after 75 years old, an additional tertiary rebate can be claimed of R3 145. Please note that this is applicable to the 2024 tax year. The solution should also take the age of the taxpayer into consideration. For example, let’s say you are 45 years old. You would then be able to claim a primary rebate against the above calculated tax. Therefore, the tax payable by you for the 2024 tax year is (if your salary is R550 000) is: R129 154 – R17 235 = R111 919. Ms Jansen asked you to create a button to request the employee’s salary as well as the employee's age (in the “Taxtables” worksheet). The calculated result should display via a message box. REQUIRED: Marks (a) Please download the attached Excel file called Assignment_. Perform all coding in this workbook. When done, save the workbook as yourstudentnumber_Surname_A (macro enabled workbook), for example _VanStaden_A. Code the solution to the problem as required in the e-mail from Ms Jansen by making use of Visual Basic for Applications (VBA). Make sure your coding complies to coding best practices. No marks will be awarded for coding functions and commands not covered in AIN2601 and AIN3701. Therefore, refrain from using arrays and collections. Lastly, please make use of a FUNCTION to calculate the tax payable. Your SUB PROCEDURE should only facilitate the input from and the output to the user. For the selection structure(s), please use IF-statements. 32 (b) Answer the following section in your Excel workbook in the textbox provided in worksheet “Part B”. Discuss two benefits of making use of Functions in VBA. 2 (c) Answer the following section in your Excel workbook in the textbox provided in worksheet “Part C”. Explain three benefits of automating this task to Ikhishi Likagogo 3 (d) Answer the following section in your Excel workbook in the textbox provided in worksheet “Part D”. Discuss three potential risks that may arise when coding the solution using VBA.