Answer :
Amanda is 32 years old and during the current year of assessment she had the following income and expenses:
* Income Salary of R220 000
* Bonus of R66 000
EXPENSES:
* Retirement annuity fund contributions of R11 000
* Pension fund contributions of R11 000
You may assume that her remuneration for the year is R242 000. YOU ARE REQUIRED to calculate the retirement fund contribution deduction which she will be allowed to deduct from her taxable income for the current year of assessment.
a.
R66 550
b.
R78 650
c.
R11 000
d.
R22 000
* Income Salary of R220 000
* Bonus of R66 000
EXPENSES:
* Retirement annuity fund contributions of R11 000
* Pension fund contributions of R11 000
You may assume that her remuneration for the year is R242 000. YOU ARE REQUIRED to calculate the retirement fund contribution deduction which she will be allowed to deduct from her taxable income for the current year of assessment.
a.
R66 550
b.
R78 650
c.
R11 000
d.
R22 000