Tax3702 assessment 5 Study guides, Study notes & Summaries

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THIS DOCUMENT CONTAINS TAX2601 ASSESSMENT 5 SEM 2 OF 2023 EXPECTED SOLUTIONS. THIS DOCUMENT HAS BEEN CAREFULLY CREATED BY KNOWLEDGEABLE TUTORS MAKING SURE THAT CORRECT USE WILL MAKE YOU SCORE ABOVE 75%

TAX3702-Students Approach to Income Tax: Natural Persons. Most people who enter the workplace are amazed to see how much tax is deducted from their monthly salary. Most people’s first reaction is: ‘There must be a mistake; I am paying too much tax.’ After consultation with the salary department, it is usually confirmed that the correct amount was deducted. The reality of tax is something that most people have to face whether they are employed or operating their own business. Critical ...

TAX 3702 TAXATION OF INDIVIDUALS SIMULATED EXAM Question Subject Marks Minutes 1 Net normal tax and retirement benefits 38 68 2 Capital gains tax 14 25 3 Employees’ tax 20 36 4 Donations tax and estate duty 18 32 5 General deduction formula 10 18 TOTAL 100 180 TAX3702 LATEST REVISION PACK-EXAM 2 TAX3702 Simulated exam [TURN OVER] QUESTION 1 (38 marks, 68 minutes) ZA Apparel (Pty) Ltd, a South African clothing manufacturer, employed Richard (56 years old) as a regional sales man...

TAX3702 ASSIGNMENT 5 2022. TAX3702 ASSIGNMENT 5 QUESTION 1 (a) Calculation of Jochim's taxable income for his 2022 year of assessment Payment to keep quiet - in connection with knowledge Leave due - payment in respect of employment No notice payment - connected to employment Restraint of trade payment Salary (23 000 x 3 + 28 000 x 7) Bonus (30 000 x 3/12) Employer pension fund contributions (23 000 x 3 x 10%) Employer medical scheme contributions (4 035 x 3) Local interest Foreign ...

TAX3702 STUDENTS APPROACH TO INCOME TAX NATURAL PERSONS. Based on what the various taxes are levied on • Income Tax on income earned, for example income tax. • Consumption Taxes on the sale or use of goods or services, for example VAT, excise duty on domestic consumption, and customs duty and import tariffs on foreign trade. These taxes take the form of price increases and affect the consumers. • Wealth Taxes on the ownership of assets or capital gains made on the sale of property, fo...