TAX 1501 ASSIGNMENT 2
Johns Hopkins University
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TAX 1501 ASSIGNMENT 2
- Exam (elaborations) • 3 pages • 2021
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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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