Detailed Explanations AIN3701 Assignment 3 Due September 2024 (Answers)
AIN3701 Assignment 3 COMPLETE ANSWERS) 2024 (592440)- DUE 10 September 2024
AIN3701 Assignment 3 COMPLETE ANSWERS) 2024 (592440)- DUE 10 September 2024
All for this textbook (15)
Written for
University of South Africa
Automation and data analysis
All documents for this subject (35)
Seller
Follow
MasterVincent
Reviews received
Content preview
AIN3701 Assignment
2 (COMPLETE
ANSWERS) 2024
(592338) - DUE 12 July
2024 ; 100% TRUSTED
Complete, trusted
solutions and
explanations.
ADMIN
[COMPANY NAME]
, 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
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller MasterVincent. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $2.57. You're not tied to anything after your purchase.
