Investigation: Investigate the effect of South Africa's other forms of taxation
Background:
As...
Mathematics, 05.04.2021 14:10 HeartfeltDream12
Investigation: Investigate the effect of South Africa's other forms of taxation
Background:
As South Africans we all pay tax, directly or indirectly through different forms of
taxes. A tax is a compulsory financial charge imposed upon individuals by
governmental organization in order to fund various public expenditures.
There are different forms of taxes i. e. Income tax, Value-Added tax, Excise Tax, etc.
This investigation aims to look at the total effect which some of the other taxes have
on a household's disposable income.
Task 1: Personal Income Tax
Personal Income Tax is a tax imposed on individuals or entities that varies with
respective income and profits. As South Africans, we pay personal income tax
on our taxable income, based on the SARS tax tables. For this investigation, we
will use an average middle class family of four, The Zulu family which consist of
Mr Zulu who is 45 years old, his wife who is 42 years old and their two children.
The family earns a taxable income of R32 000 per month. Mr Zulu also pays
medical aid for him and his family members.
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