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AIN3701 Assignment 2 2024 | Due 12 July 2024 CA$3.98   Add to cart
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  5. Automation and data analysis (AIN3701)

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AIN3701 Assignment 2 2024 | Due 12 July 2024

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  • Course
  • Automation and data analysis (AIN3701)
  • Institution
  • University Of South Africa (Unisa)

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 tab...

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  • June 25, 2024
  • 5
  • 2023/2024
  • Exam (elaborations)
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  • ain3701 assignment 2 2024

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  • University of South Africa (Unisa)
  • Automation and data analysis (AIN3701)
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, PLEASE USE THIS DOCUMENT AS A GUIDE TO ANSWER YOUR ASSIGNMENT


Please note that the author of this document will not responsibility for any plagiarizing you
commit.

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):

Taxable income (R) Taxable income (R) Base %
Between
1 – 237 100 1 237.100 - 18%
237 101 – 370 500 237.101 370.500 40.680 26%
370 501 – 512 800 370.501 512.800 73.726 31%
512 801– 673 000 512.801 673.000 115.762 36%
673 001 – 857 900 673.001 857.900 170.734 39%
857 901 – 1 817 000 857.901 1.817.000 239.452 41%
1 817 001 and above 1.817.001 Above 614.192 45%


Age Rebate
Primary rebate All 17.235
Secondary rebate 65 9.444
Tertiary rebate 75 3.145



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.

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