SECTION B HOMEWORK QUESTION 1 Mr Nkomo is 68-year-old businessman, married with three grand children who are also covered by his medical aid. As a company director, Mr Nkomo earns a monthly income of R42 000 and donates R2 500 every month to a local Orphanage. The tables at the start of this section shows Individual Income Tax Rates for 2022. N.B: Donations by natural persons not exceeding R100 000 are allowable tax deductions. 1.1. Calculate Mr Nkomo's annual taxable income. 1.2. Calculate Mr Nkomo's annual medical tax credits. (3 (4 1.3. Mr Nkomo claims that his monthly tax is not more than R4 500. Verify his claim. 5)
