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Tax on Bonuses and Medical Aid and perks

Posted 18 September 2013 under Tax Q&A


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1. How is bonus taxed?
2. Is my portion of Medical Aid taxed? Is it a perk?

This entry was posted in Tax Q&A and tagged , , , . Bookmark the permalink.

TaxTim TaxTim says:
18 September 2013 at 14:43

The employer portion of the medical aid paid is a perk and is fully taxable in your hands. You are still entitled to the medical aid tax credit of R242 per month however.

A bonus is taxed in a few ways, the most common being added to your monthly salary and then taxed according to the tables which often results in a refund at year end.

Alternatively your employer will take your marginal rate of tax and multiply that by the bonus in order to work out the taxes owing.


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235 DAYS
LEFT OF
TAX SEASON
2017


TaxTim will help you:

 Do Your Tax Return Easily
 Avoid penalties
 Maximise your refund

Tim uses your answers to complete your income tax return instantly and professionally, with everything filled in in the right place.

Let Tim submit your tax return direct to SARS in just a few clicks!

Get started