Question

Mrs Ben has a taxable income of R220 000 for the year ended 28 February 2024.
Calculate her tax per the tax table.
Work to the nearest Rand.

Answer 1

Step 1: Determine the tax brackets and rates based on the South African tax table for individuals for the year ending 28 February 2024.

Taxable income up to R205 900 - tax rate of 18%
Taxable income from R205 901 to R321 600 - tax rate of R37 062 + 26% on taxable income above R205 900
Taxable income from R321 601 to R445 100 - tax rate of R67 144 + 31% on taxable income above R321 600
Taxable income from R445 101 to R584 200 - tax rate of R105 429 + 36% on taxable income above R445 100
Taxable income from R584 201 to R744 800 - tax rate of R155 505 + 39% on taxable income above R584 200
Taxable income above R744 800 - tax rate of R218 139 + 41% on taxable income above R744 800

Step 2: Calculate the tax payable for Mrs Ben based on her taxable income of R220 000.

Taxable income falls within the bracket of R205 901 to R321 600.

Tax payable = R37 062 (fixed amount for this bracket) + 26% on (R220 000 - R205 900)
Tax payable = R37 062 + 26% of R14 100
Tax payable = R37 062 + R3 666
Tax payable = R40 728

Therefore, Mrs Ben's tax payable per the tax table for the year ended 28 February 2024 is R40 728.