OVERVIEW OF LUNGA DLAMINI’S YEAR-END TAX ASSESSMENTRepublic of South Africa is the place of Lunga Dlamini’s birth. She is currently 56 years old. Quantico

OVERVIEW OF LUNGA DLAMINI’S YEAR-END TAX ASSESSMENTRepublic of South Africa is the place of Lunga Dlamini’s birth. She is currently 56 years old. Quantico (Pty) Ltd. is his employer. Because he is not married into a community of property, he is legally separated from his spouse’s assets and financial issues. It is important to take into account the following details regarding his financial situation for the assessment year that ends on February 29, 2023.Lunga’s position at Quantico (Pty) Ltd. is his primary source of income. In this sense, he’ll almost certainly receive a salary, and his contract may offer additional compensation in the form of incentives, overtime pay, or even allowances for things like travelling, or housing costs. Any money he receives in connection with this work will be taxed normally in accordance with the South African tax tables in effect for that particular year.Lunga’s tax liability will include contributions to any retirement plans and pensions, on top of his income. Lunga can lower his taxable income by using his significant contributions to a retirement annuity or pension fund, which he can use to offset his taxes. One of the incentives provided by South African tax legislation to encourage people to save for their retirement is the ability to deduct income from qualified retirement accounts.

Medical costs are one of the other deductive components in Lunga’s tax assessment. If Lunga or any of his dependents have had significant medical costs that aren’t covered by a medical assistance program, this is a claim for a tax deduction. Given his advanced age and existing medical conditions, this could be crucial in the event of excessive medical costs.In addition, Lunga is married outside of the community property system, which means that his income and deductions are calculated independently of his spouse’s, resulting in a separate tax liability.In light of this, it would be advantageous to investigate Lunga’s taxable income, tax-deductible costs, and potential refunds in order to determine his precise tax obligation or refund due in 2023. 

Share This Post

Email
WhatsApp
Facebook
Twitter
LinkedIn
Pinterest
Reddit

Order a Similar Paper and get 15% Discount on your First Order

Related Questions

Choose TWO of the following passages: Genesis 3:1-7; Exodus 14:1-12; Leviticus 16:29-34; Numbers 14:11-19; Deuteronomy 30:15-20, and provide a one-page

Choose TWO of the following passages: Genesis 3:1-7; Exodus 14:1-12; Leviticus 16:29-34; Numbers 14:11-19; Deuteronomy 30:15-20, and provide a one-page interpretation of the passage for each based on what you have learned/acquired from the previous assignments performed for this course. As part of this presentation, a clear and concise principle

First, create an outline or concept map that summarizes your communication plan for a significant organizational change or event. Consider the following

First, create an outline or concept map that summarizes your communication plan for a significant organizational change or event. Consider the following examples: a new company branding initiative; the restructuring of a team, department or business unit; a company-wide community service project; the transition of an executive leader; an emergency

Instructions First, create an outline or concept map that summarizes your communication plan for a significant organizational change or event. Consider the

Instructions First, create an outline or concept map that summarizes your communication plan for a significant organizational change or event. Consider the following examples: a new company branding initiative; the restructuring of a team, department or business unit; a company-wide community service project; the transition of an executive leader; an

Comp 3 = Fin Review Walmart’s Financials and Business Model. Revised the attached paper with the requirments. Describe the business, including the type of

Comp 3 = Fin Review Walmart’s Financials and Business Model. Revised the attached paper with the requirments. Describe the business, including the type of business. Create the business case: ·        Determine why funding is needed for the company. ·        Determine the sources of funding. Consider self-funding, borrowing, equity, venture capital, and so on.

Wells Fargo Case Study BACKGROUND: In fall of 2016 federal regulators accused Wells Fargo of falsely opening over 2 million customer credit card and

Wells Fargo Case Study BACKGROUND: In fall of 2016 federal regulators accused Wells Fargo of falsely opening over 2 million customer credit card and checking accounts to meet unrealistic sales quotas (http://money.cnn.com/2016/09/08/investing/wells-fargo-created-phony-accounts-bank-fees/?iid=EL, September 4, 2017).  Since then, Wells Fargo has also been accused of forcing over 500,000 customers into auto insurance policies they did notneed,

Accounting is the process of recording, summarizing, analyzing, and reporting financial transactions of a business or organization. It provides vital

Accounting is the process of recording, summarizing, analyzing, and reporting financial transactions of a business or organization. It provides vital information to various stakeholders, including investors, creditors, management, and government agencies, enabling them to make informed decisions. Here’s a breakdown of key aspects within accounting: Financial Statements: These are the

Comp 3 = Fin Review Walmart’s Financials and Business Model. Revised the attached paper with the requirments. Describe the business, including the type of

Comp 3 = Fin Review Walmart’s Financials and Business Model. Revised the attached paper with the requirments. Describe the business, including the type of business. Create the business case: ·        Determine why funding is needed for the company. ·        Determine the sources of funding. Consider self-funding, borrowing, equity, venture capital, and so on.