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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

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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 Mr Louw's annual tax payable before the rebate.

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Answer

To calculate Mr Louw's annual tax payable before the rebate, we apply the formula:

extAnnualTaxPayable=R115762+36 ext{Annual Tax Payable} = R115 762 + 36\\% \times (R495 602 - R488 700)

Substituting the values into the formula gives:

=R115762+0.36×(R6902)=R115762+R2484.72=R118246.72= R115 762 + 0.36 \times (R6 902) = R115 762 + R2 484.72 = R118 246.72

Thus, Mr Louw's annual tax payable before the rebate is R118 246.72.

Step 2

4.1.2 Calculate Mr Louw's monthly tax payable.

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Answer

To find Mr Louw's monthly tax, we first compute the annual tax after the rebate:

extAnnualTaxAfterRebate=R118246.72−R16425=R101821.72 ext{Annual Tax After Rebate} = R118 246.72 - R16 425 = R101 821.72

Next, we divide this by 12 to get the monthly tax:

extMonthlyTaxPayable=R101821.7212≈R8485.14 ext{Monthly Tax Payable} = \frac{{R101 821.72}}{12} \approx R8 485.14

Therefore, Mr Louw's monthly tax payable is approximately R8 485.14.

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.

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Answer

From TABLE 5, the monthly tax amount for a person over 75 years is R8 473.
The total monthly income categories available are:

  • Under 65: R1 368.75
  • 65–74: R491
  • Over 75: R8 473.
    Thus, the total counts are 3, making the probability of selecting R8 473 for a person over 75 years:
extProbability=13=0.33ext(or33.33%) ext{Probability} = \frac{1}{3} = 0.33 ext{ (or 33.33\%)}

Therefore, the probability is approximately 33.33%.

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