Exam (elaborations)
TAX3702 ASSIGNMENT 5 OF 2021
- Institution
- University Of South Africa (Unisa)
Guranteed distiction
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1 review
By: jamesthompson1 • 2 year ago
incorrect guide
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discriptionSalary
commision received
Accummulated Leave
Royalties
Entertainment allowance
Travel allowace
Fringe benefit-printer purchased at less than market value
Use of Data Projector
Employer contributions to provident fund
Vacant Land disposed
Rental agreement
Municipal cost
Donations
Entertainment expenses
Remuneration
deduction
s11F
Actual
balance of remuneration
Annualised balance remuneration
Normal tax
less
NET tax
Employee tax for december
,reason Annual
320000-60000(5000*6) 290,000.00 (320000-30000)/12
no commission received in December this is variable remuneration
therefore not subject to employee tax in December.
Received in Decemember hence subject to tax in December.
Not remuneration
part of remuneration 7,500.00 7500.00/12
more than 80% was travelled for private use
hence 80% of travel allowance is remuneration.
(2479+4531)/(9176+7462+10400*2+4531+2479) = 15% for business use
hence 85% is private use 5,000.00 5000*80%
Not received in December
Mainly used for business and used by every employees hence no value
(28800*55%)/12
Not remuneration
Not remuneration
Not employment cost hence not duducted
Not employment cost hence not duducted
Only deucted on assessment
Only providend contributions are deducted,
Retirement annuity contributions are not deducted
because no proof is provided to employer 28,800.00
limited to 27.5%*350000/12 29,167.00
21,311.67 21311.67*12
37062+26%(255740.04-205900)
Primary rebate
35072.50/12
, December
24,166.67
-
20,000.00
-
625.00
4,000.00
-
-
1,320.00
50,111.67
28,800.00
21,311.67
255,740.04
50,030.50
(14,958.00)
35,072.50
2,922.71
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