Taxes And Remuneration

Question 1

What are direct taxes?

Answer 1

Taxes paid straight to SARS for income earned.

Question 2

What does SARS stand for?

Answer 2

South African Revenue Service

Question 3

What should a person earn, at least to pay taxes?

Answer 3

R7000

Question 4

What does SITE stand for?

Answer 4

Standard Income Tax on Employees

Question 5

What do all employees pay SITE on

Answer 5

They pay tax on the income they receive

Question 6

What does PAYE stand for

Answer 6

Pay as you earn.

Question 7

What is taken into account when paying PAYE taxes

Answer 7

How much is earned

Question 8

Are Fringe Benefit taxes Direct or indirect explain.

Answer 8

Direct, because the taxes go directly to the South African Revenue Service.

Question 9

Capital Gains tax is ____________ __________.

Answer 9

Taxes paid for the sale of assets that appreciate.

Question 10

What are indirect taxes

Answer 10

Tax not paid directly to the South African Revenue Service.

Question 11

What does VAT stand for?

Answer 11

Value added tax

Question 12

What is the percentage that VAT stands for on the sale of goods?

Answer 12

15%

Question 13

What is value added taxes

Answer 13

Taxes on the sale of goods

Question 14

What is sin tax

Answer 14

Tax on harmful substances that are consumed.

Question 15

What are import and export taxes

Answer 15

Tax on the sale of goods from other countries and goods sold to other countries.

Question 16

What is Sugar tax

Answer 16

Taxon the sale of goods containing sugar that is not naturally present.

Question 17

What are Zero rated items.

Answer 17

Goods that are not taxed because they are considered to be essential to the public.

Question 18

Give examples of zero rated goods.

Answer 18

• Brown bread
• maize
• eggs
• milk
• poultry
• rice
• fruit and vegetables

Question 19

What is remuneration

Answer 19

Income for the government.

Question 20

What is the main source of tax

Answer 20

PAYE

Question 21

What is Cost to Company?

Answer 21

A lump sum amount of money for a year’s work.

Question 22

What is salary plus benefits?

Answer 22

The monthly cash amount that also includes benefits.

Question 23

Give an example of Salary plus benefits?

Answer 23

Bonus, housing. Company car, medical aid, pension

Question 24

What is the tax calculation formula.

Answer 24

Tax = Level +(salary -bracket) x 0,36