WorksheetsIURE 414 - INTRODUCTION TO TAXATION
Total questions: 10
Worksheet time: 14mins
Tax is paid by...
Individuals only
Businesses only
Individuals and businesses
Individuals, businesses, and the government
Tax is used by each level of government to...
Make politicians rich
Pay for their employees
Pay for services that some of the population use
Provide goods and services that are needed by the community
Which is NOT a way through which tax is collected?
Wages
Interest earnt from the bank
Receipts collected
Commission paid by a job
Individuals under the age of 65 are able to earn up to how much in the 2020 year of assessment without having to pay tax?
R75 000.00
R78 150.00
R79 000.00
None of the above
The taxable income of an unmarried 35 year old taxpayer who :
- Earns a salary of R300 000 per annum
- Received local dividends of R 4000 for the year
- Earned interest in the amount of R25 000
- Capital gain of R2500
R331 500.00
R307 700.00
R301 200.00
R303 700.00
Deon (62) & Diana (67) are married in community of porperty. Deon receives a salary of R180 000.00 per annum as well as interest of R65 000.00. Diana has received interest in the amount of R18 000.00. Their taxable income of Deon is
R197 700
R221 200
R187 000
R173 900
Where the period of assessment is less than a full year, the period is reflected by the total number of days
True
False
Section 6 of the Act prescribes certain normal rebates to be deducted from the tax payable by natural persons. The rebates for the 2020 year of assessment is:
Primary rebate of R14 220 & Secondary rebate of R 21 780
Primary rebate: R14220, Secondary rebate: R22 014 & Tertiary rebate R24 615
Primary rebate: R14 067 , Secondary rebate: R22 014 & Tertiary rebate R24 354
Primary rebate: R14 067 , Secondary rebate: R21 780 & Tertiary rebate R24 615
If a refund is due from SARS, they will
Wait 21 days before they refund the money
They will first refund PAYE and then provisional tax
They will first refund provisional tax and then PAYE
They will first refund provisional tax and then PAYE, but only after a 21 day period has passed
Marginal rate of tax is
This rate of tax applies to an additional R2 of taxable income earned. The maximum marginal rate of tax of 45% comes into operation on taxable income in excess of R 1500 001
This is the rate of tax applying to the total taxable income
This rate of tax applies to an additional R1 of taxable income earned. The maximum marginal rate of tax of 45% comes into operation on taxable income in excess of R 1500 000
None of the above
