AIN3701 Assignment 2 2024 (592338) EXAM QUESTIONS AND COMPLETE WELL EXPLAINED ANSWERS WITH RATIONALE 100% VERIFIED AS CORRECT LATEST UPDATE 2024 GRADED A+[ALREADY PASSED]

AIN3701 Assignment 2 2024 (592338) EXAM QUESTIONS AND COMPLETE WELL EXPLAINED ANSWERS WITH RATIONALE 100% VERIFIED AS CORRECT LATEST UPDATE 2024 GRADED A+[ALREADY PASSED] 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 t