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63 old, interest income R13500/mon and will contribute R2640/m towards medical.Tax payable?

Posted 30 September 2015 under Tax Questions


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Charlie says:
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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TaxTimTaxTim says:
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


Charlie says:
30 September 2015 at 9:11

Hi,
Could you please explain how the medical rebate is calculated
Rgards


TaxTimTaxTim says:
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.


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