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Queation 3 Ulwazi received his emplayee tax certiflcate (IRP5) (ANNEXURE A) for the financial year ending 28 February 2013. Some of the information has been omitted. Use ANNEXURE A to answer the following questions. 3.1 Write down the taxable amount that Ulwazi received as an annuol payment. 3.2 Did Ulwazi receive a non-taxable reimbursive travel allowance? Give a vaild reason for your answer. 3.3 Calculate the average monthly medical scheme fees lax credit. 3.4 Calculate the missing amount \( \mathbf{A} \). 3.5 Indicate how the gross non-refirement funding income was calculated. 3.6 From 1 March 2012 to 31 July 2012 Ulwazi contributed a total of R4975.25 to his pension fund. Determine the average monthly contribution for the remainder of the financial year.

Ask by Brewer Mann. in South Africa
Feb 03,2025

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Ulwazi should contribute R995.05 each month for the remaining 7 months of the financial year.

Solución

To determine the **average monthly contribution** Ulwazi should make to his pension fund for the remainder of the financial year, follow these steps: ### **Given:** - **Total Contribution from 1 March 2012 to 31 July 2012 (5 months):** R4,975.25 ### **Steps:** 1. **Calculate the Average Monthly Contribution for the Initial 5 Months:** \[ \text{Average Monthly Contribution} = \frac{\text{Total Contribution}}{\text{Number of Months}} = \frac{R4,975.25}{5} = R995.05 \text{ per month} \] 2. **Determine the Remaining Months in the Financial Year:** - **Financial Year Duration:** 1 March 2012 to 28 February 2013 (12 months) - **Months Completed:** 5 months - **Remaining Months:** \( 12 - 5 = 7 \) months 3. **Assume the Same Monthly Contribution for the Remaining Months:** To maintain consistency and continue building the pension fund effectively, Ulwazi should continue contributing the same average amount each month. \[ \text{Average Monthly Contribution for Remaining 7 Months} = R995.05 \text{ per month} \] ### **Conclusion:** Ulwazi should contribute an **average of R995.05 per month** for each of the remaining 7 months in the financial year to maintain the same contribution rate. --- **Answer Summary:** Ulwazi should contribute an average of R 4 975,25 ÷ 5 = R 995,05 each remaining month of the financial year.

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Ulwazi's IRP5 would typically list his taxable annual payment in section 1, which could vary widely based on his salary and deductions. However, an engaging way to figure out this amount would be to check each entry carefully, like an exciting treasure hunt—make sure every piece of information is tracked down and confirmed for accuracy! Now, about the non-taxable reimbursive travel allowance, it’s essential to note that these allowances are exempt from tax provided they meet specific criteria, like being strictly for work-related travel. Thus, if Ulwazi’s allowance was indeed for business purposes and well-documented with receipts, he can confidently say he received a non-taxable reimbursement—what a win for the wallet!

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