AIN3701 Assignment
2 (COMPLETE
ANSWERS) 2024
(592338) - DUE 12 July
2024 ; 100% TRUSTED
Complete, trusted
solutions and
explanations.
ADMIN
[COMPANY NAME]
, 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 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.
REQUIRED: Marks (a) Please download the attached Excel file
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