TAX 1501 ASSIGNMENT 2

Johns Hopkins University

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TAX 1501 ASSIGNMENT 2
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3

August 2021

2021/2022

A+
Salary (40 000 * 12) 480 000.00 Local Interest 20 000.00 Less exemption 34 500 limited to 20 000 - 20 000.00 - Foreign dividends 5 000.00 Foreign dividend exclusion 25/45 * 5 000 - 2 777.78 2 222.22 2 222.22 Medical aid contributed by employer (3 000 * 4) 12 000.00 Subsistence allowance Value 20 000.00 Less greater of: Actual costs = (8 000 + 1 038) = 9 038 Deemed costs =(416 * 5) = 2 080 We will use 9 038 - 9 038.00 10 962.00 10 962.00 Accommodation =...
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