Introduction
Good day learners, please watch the following video based on the introduction to Taxation.
Task
Here is a video that will guide you through the introduction to Taxation. Watch it to answer the questions that follow.
1.What is taxation?(1)
2.Where is tax payed and why do we have to pay it? (2)
3.Write down the steps on how tax is calculated accordingly. (3)
4. 2018 tax year(1 march 2017-28 feb 2018)
|
Tax income ® |
Rate of tax (R |
|
0-189 880 |
18% of taxable income |
|
189 881-296 540 |
34 178+26% of taxable above 189 881 |
|
296 541-296 540 |
61 910+315% taxable above 296 540 |
|
410 461-555 600 |
97 225+36% of taxable above 410 461 |
Tax Rebates
|
Tax Rebates |
|
|
|
|
|
|
|
2018 |
2017 |
2016 |
2015 |
2014 |
|
primary |
R13 635 |
R13 500 |
R13 257 |
R12 726 |
R12 726 |
QUESTION : Calculate the monthly tax owned by a 40-year olds with a taxable salary of R43 000 per month in 2018. (6)
5. 37 year old pays UIF\\ Earns a gross salary of R48 563,75. Calculate his take home after tax.
{on tax table: 14 7891+39 income above 555 600}
{subtracts primary rebates (14 067)because he is under the age of 65}
Process
Based on the instructions and questions above, use the following video to supplement your answer. Complete the answers in your workbooks, i will mark it as soon as we come back.
Use the following definition of terms to supplement your calculations for tax in question 4 and 5.
Gross income: the money before deductions.
Taxable income: the money after deduction which determines how tax a person will pay per month.
Annually taxable income: taxable income for a year.
Rebates: is a set amount that SARS whacks off your total tax liability and basically represents the amount by minimum threshold to pay tax.
UIF: 1% of salary
Evaluation
I will be marking your by the following rubric.
Question 1: (1) relevant answers only will be given a mark.
Question 2: (2) relevant answers only will be given a mark.
Question 3: (3) 1 mark for each step explained.
Question 4 (6) marks allocated for steps, formula and correct units.
Question 5 (6) marks allocated for steps, formula and correct units.
Conclusion
Give a brief summery about what you have learned about the lesson in point form.
Credits
1. https://wcedeportal.co.za/eresource/183801
2. file:///C:/Users/Khanyisile%20Lwabi/Downloads/gr12-maths-literacy-finance-taxation-1%20(1).pdf
3.
Teacher Page
Michelle Vena
Student number: 219138451