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Charlie said: 29 September 2015 at 18:27 Hi, I'm 63 and retirinmg with an interest based income of R13500. 00 /month. I'm contributing R2640 towards medical aid. How much SARS tax will I be liable for. Thank you |
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TaxTim Marc said: 30 September 2015 at 8:24 You will be taxed on: 13 500 x 12 = 162 000 - 23 800 interest exemption =138 200 Tax on 138 200 11 619 less medical rebate of 3240 + 2089 Therefore total tax should be for 2016 year = R6 290 |
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Charlie said: 30 September 2015 at 9:11 Hi, Could you please explain how the medical rebate is calculated Rgards |
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TaxTim Marc said: 30 September 2015 at 21:21 Please make use of our Medical Tax Credits calculator and read our Medical Tax Credits Calculator for a better understanding. |
