Mr Louw, aged 53, earned an annual taxable income of R495 602 for the year ending 28 February 2022 - NSC Mathematical Literacy - Question 4 - 2022 - Paper 1
Question 4
Mr Louw, aged 53, earned an annual taxable income of R495 602 for the year ending 28 February 2022. He does not contribute to any medical aid.
Use the above informa... show full transcript
Worked Solution & Example Answer:Mr Louw, aged 53, earned an annual taxable income of R495 602 for the year ending 28 February 2022 - NSC Mathematical Literacy - Question 4 - 2022 - Paper 1
Step 1
4.1.1 Use the formula to calculate annual tax payable before the rebate
96%
114 rated
Only available for registered users.
Sign up now to view full answer, or log in if you already have an account!
Answer
To calculate Mr. Louw's annual tax before the rebate, we can use the formula:
extAnnualTaxPayable=R115762+36
Calculating the taxable income above the threshold:
R495602−R488700=R6902
Now substituting back into the formula:
extAnnualTaxPayable=R115762+0.36imesR6902
Calculating further:
=R115762+R2477.72
Thus, Mr. Louw's annual tax payable before the rebate is:
=R118239.72
Step 2
4.1.2 Calculate monthly tax payable
99%
104 rated
Only available for registered users.
Sign up now to view full answer, or log in if you already have an account!
Answer
To find the monthly tax payable, we take the annual tax computed earlier and divide it by 12:
extMonthlyTaxPayable=12R118239.72=R9853.31
Therefore, Mr. Louw's monthly tax payable is approximately R9 853.31.
Step 3
4.1.3 Write down the probability of selecting a monthly tax amount of R8 473 for a person over 75 years from this monthly tax table
96%
101 rated
Only available for registered users.
Sign up now to view full answer, or log in if you already have an account!
Answer
From the monthly deduction tax table (TABLE 5), we look at the category for individuals over 75 years. The monthly tax for this group includes various amounts. Considering the individual monthly amounts provided, if R8 473 is not listed as a possible monthly tax for a person over 75, the probability would be:
P(R8 473) = 0 ext{ (or 0\\%) since this amount does not appear in the table}
