Taxation

A teacher at the school may deduct his home loan before calculating tax.

• True

• False

Allowed expenses will only be expenses from January to December of a particular year.

• False

• True

Employees may deduct their medical aid contributions before calculating tax.

• True

• False

An employee must be able to provide evidence of all expenses if required by

• False

• True

UIF payments are not excluded from income tax calculations.

• Treu

• False

Employees are obligated to pay 1% of their net salary to the fund.

• True

• False

The amount and period that can be claimed depend on the number of years of employment and salary.

• False

• True

Daphney is a 30 year old receptionist. She earned R82 500 in 2020. She did not earn any extra income but contributed R550 a month on her retirement annuity. She did not have to pay tax in 2020.

• True

• False

A 67 year old person receives R10 100 per month as a pension in 2020. He will have to pay tax of 2500 per month.

• False

• True

.A 40-year old person earning R12 500 per month in 2021 and paying R450 per month for pension, R544 per month for annuity and R850 per month for medical Aid, will have to pay tax.

• True

• False