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  5. TAX1501 - Taxation Of Salaried Persons (TAX1501)

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tax1501 assignment 5 sem 2 of 2023 practice Questions and answers

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This document contains practice questions and answers of 3 assessment 5s written insem 2 of 2023 . Answers compiled by experts to guide you in preparing for the online assignment.

Last document update: 1 year ago

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  • October 19, 2021
  • October 20, 2023
  • 139
  • 2021/2022
  • Other
  • Unknown

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A person who donates to a registered PBO and Non-PBOs is allowed deduct 10% of taxable income before donations,
limited to:

Select one:
a. The donations that are only made to the non-PBO
b. The actual donation made in the current year to only registered PBO
c. The actual donations made to a PBO and non-PBO
d. The donations that are only made to anyone

,Question 11

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Joe is 20 years old. During the current year of assessment, he earned a salary R200 000. He contributed R2 000 to
his retirement fund. His employer contributed R2 500 to his retirement fund. He contributed R2 000 per month to a
medical aid fund for the full tax year. His employer made an equal amount of contributions to his medical aid for the
for the full tax year. His remuneration for the current year of assessment is R226 500.YOU ARE REQUIRED to
determine his taxable income before any deductions.

Select one:
a. R200 000
b. R195 500
c. R226 500
d. R222 000

,Callum is 42 years old. During the current year of assessment, she received local interest income of R13 800. For income
tax purposes this income known as:

Select one:
a. Donations
b. Deduction
c. Exempt
d. Taxable

, Question 13

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Nichols is 36 years old. She is a teacher. During the current year of assessment, she earned a salary R1 200 000.
She contributed 12% of her salary to a retirement fund. Her employer contributed 13% of her salary to her
retirement fund. She contributed R10 000 per month to a medical aid fund for the full tax year. Her employer made
an equal amount of contributions to her medical aid for the for the full tax year. Her remuneration for the current
year of assessment is R1 476 000.

YOU ARE REQUIRED to calculate the taxable income before any deduction.

Select one:
a. R1 596 000
b. R1 476 000
c. R1 356 000
d. R1 320 000

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