EBEL2614 LU3 Practical.pdf - EBEL2614 UNIT 3 THE FRAMEWORK AND TAX TABLES PRACTICAL CLASS 27(0)51 401 0000 \u2022 e-mail \u2022 www.ufs.ac.za 1 2017 TAX

EBEL2614 LU3 Practical.pdf - EBEL2614 UNIT 3 THE FRAMEWORK...

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2017/02/24 1 EBEL2614 +27 (0)51 401 0000 e-mail 1 UNIT 3: THE FRAMEWORK AND TAX TABLES PRACTICAL CLASS 2017 TAX TABLES 2
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2017/02/24 2 CLASS ACTIVITY 1 3 Mrs X is a South African resident and recently completed her ITR12 on . According to her calculation, her taxable income for the 2017 year of assessment amounted to R1 032 000. Required: 1) When does Mrs X’s 2017 year of assessment start? 2) When does Mrs X’s 2017 year of assessment end? CLASS ACTIVITY 1 4 Required (continued): 3) How do we determine the taxable income of a person? 4) In which tax bracket does Mrs X fall? 5) Calculate Mrs X’s normal tax liability for the year of assessment ended 28 February 2017 (excluding rebates). 6) What is Mrs X’s marginal tax rate? 7) What is Mrs X’s average tax rate? 8) Can you explain why the tax tables for natural persons in South Africa is regarded are regarded as progressive tax tables, using Mrs X’s calculation as an example?
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2017/02/24 3 SOLUTION: CLASS ACTIVITY 1 5 1) 1 March 2016 2) 28 February 2017 3) We use the framework for the calculation of taxable income. 4) Mrs X falls within the 6 th tax bracket SOLUTION: CLASS ACTIVITY 1
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