TAX 1501 ASSIGNMENT 2
Johns Hopkins University
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TAX 1501 ASSIGNMENT 2
- Exam (elaborations) • 3 pages • 2021
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Salary (40 000 * 12)
480
000.00
Local Interest 20 000.00
Less exemption 34 500 limited to 20 000 - 20 000.00
-
Foreign dividends 5 000.00
Foreign dividend exclusion 25/45 * 5 000 - 2 777.78
2 222.22
2
222.22
Medical aid contributed by employer (3 000
* 4)
12
000.00
Subsistence allowance
Value 20 000.00
Less greater of:
Actual costs = (8 000 + 1 038) = 9 038
Deemed costs =(416 * 5) = 2 080
We will use 9 038 - 9 038.00
10 962.00
10
962.00
Accommodation =...
Exam (elaborations)
TAX 1501 ASSIGNMENT 2
Last document update:
ago
Salary (40 000 * 12) 480 000.00 Local Interest 20 000.00 Less exemption 34 500 limited to 20 000 - 20 000.00 - Foreign dividends 5 000.00 Foreign dividend exclusion 25/45 * 5 000 - 2 777.78 2 222.22 2 222.22 Medical aid contributed by employer (3 000 * 4) 12 000.00 Subsistence allowance Value 20 000.00 Less greater of: Actual costs = (8 000 + 1 038) = 9 038 Deemed costs =(416 * 5) = 2 080 We will use 9 038 - 9 038.00 10 962.00 10 962.00 Accommodation =...
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