https://file.aiquickdraw.com/mathbot/file/1723565764179mooo0fhv.jpg

2.1.3 The SARS – Personal Income Tax Tariffs for the financial year
2022 - 2023 are on ANNEXURE B. Use the information on
ANNEXURE B to determine Jenny’s monthly income tax
deduction for the 2022 – 2023 financial year. (5)
2.1.4 Jenny states that the increase in her monthly Net Income for
April 2021 compared to April 2022 is at least 0,9% less than the
increase she received in her basic salary on 1 March 2022.
Verify Jenny’s statement by showing all appropriate calculations. (10)
You may use the following formula to calculate % change:
𝑴𝒐𝒏𝒕𝒉𝒍𝒚 𝑵𝒆𝒕 𝑰𝒏𝒄𝒐𝒎𝒆 𝑨𝒑𝒓𝒊𝒍 𝟐𝟎𝟐𝟐 − 𝑴𝒐𝒏𝒕𝒉𝒍𝒚 𝑵𝒆𝒕 𝑰𝒏𝒄𝒐𝒎𝒆 𝑨𝒑𝒓𝒊𝒍 𝟐𝟎𝟐𝟏
𝑴𝒐𝒏𝒕𝒉𝒍𝒚 𝑵𝒆𝒕 𝑰𝒏𝒄𝒐𝒎𝒆 𝑨𝒑𝒓𝒊𝒍 𝟐𝟎𝟐𝟏
× 𝟏𝟎𝟎
2.2 Thom has been saving towards a deposit on a new VW Polo. The cost
of the vehicle is R315 000 (Including VAT), and the deposit is 8,5% of
the cost of the vehicle. On 1 January 2020 he invested R22 000 in a
fixed deposit for 3 years at 6,5%p.a. interest compounded bi-annually.
The fixed deposit matures on 31 December 2022. On 3 January 2022
the total value of the fixed deposit, interest included, was R 25 002,47.
Will the proceeds form fixed on 1 January 2023 be enough to pay the
deposit on the vehicle as required? Show all appropriate calculations. (6)
[28]
GRAND TOTAL : [50]

Let's tackle the questions step by step using the information from the image you uploaded.

### 2.1.3 Determining Jenny’s Monthly Income Tax Deduction

First, we need to determine Jenny's annual taxable income to use the SARS – Personal Income Tax Tariffs for the financial year 2022–2023. However, the image only provides the tax table, not Jenny's salary. Assuming Jenny's annual taxable income is provided elsewhere, here's how you would use the table to calculate her monthly tax deduction:

1. **Identify the income bracket** Jenny falls into based on her annual taxable income.
2. **Calculate the tax amount** according to the applicable tax rate for her income bracket.
3. **Subtract any applicable tax rebates** (like for being under 65 years old or medical credits if applicable).
4. **Divide the annual tax amount by 12** to determine the monthly tax deduction.

### 2.1.4 Verifying Jenny’s Statement About Net Income Increase

Jenny states that the increase in her monthly net income for April 2021 compared to April 2022 is at least 0.9% less than the increase in her basic salary on 1 March 2022. To verify this:

1. **Calculate the percentage change** in her net income from April 2021 to April 2022 using the given formula:
   \[
   \text{Percentage Change} = \frac{\text{Monthly Net Income April 2022} - \text{Monthly Net Income April 2021}}{\text{Monthly Net Income April 2021}} \times 100
   \]
   
2. **Compare this percentage change** to the increase in her basic salary on 1 March 2022.
   
3. **Check if the net income percentage change** is at least 0.9% less than the salary increase.

### 2.2 Thom’s Fixed Deposit and Car Deposit

1. **Calculate the required deposit** for the VW Polo:
   \[
   \text{Required Deposit} = 0.085 \times 315,000 = R26,775
   \]
   
2. **Calculate the maturity value** of Thom’s fixed deposit using the formula for compound interest:
   \[
   A = P \left(1 + \frac{r}{n}\right)^{nt}
   \]
   Where:
   - \(P = 22,000\) (initial investment)
   - \(r = 6.5\%\) (interest rate per annum)
   - \(n = 2\) (since interest is compounded bi-annually)
   - \(t = 3\) years
   
3. **Compare the maturity value** on 1 January 2023 to the required deposit to see if Thom has enough.

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Would you like to provide Jenny's salary details or move forward with a specific part of this problem? Let me know if you have any questions or need further details.

### Possible Related Questions:

1. How do tax rebates affect the final tax calculation?
2. What is the formula for compound interest, and how does the compounding frequency affect the outcome?
3. How would Jenny's tax deduction change if she had a different age or medical credits?
4. What are the effects of tax bracket changes on annual taxable income?
5. How can Jenny verify if the monthly tax deduction is accurate based on her annual taxable income?
6. What factors should Thom consider if the fixed deposit does not cover the required car deposit?
7. How does the increase in basic salary affect Jenny’s monthly net income?
8. What other tax deductions could apply to Jenny if she had different personal circumstances?

### Tip:
Always double-check which financial year the tax tariffs apply to when doing income tax calculations to ensure accuracy.

Explore how to calculate Jenny’s monthly income tax deduction for the financial year 2022–2023 using SARS Personal Income Tax Tariffs. Verify Jenny’s statement about the increase in her net income compared to her basic salary increase. Also, determine if Thom’s fixed deposit will cover the deposit required for a VW Polo using compound interest calculations.

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