Albert Einstein said that the hardest thing to understand is income taxes. And in this video, I hope to make it a bit simpler for you. Music Applause Music. Welcome to this channel, my name is Jacques. I'm the host of Patera accounting services. And in this video, I'll be explaining what makes an income tax and how you get to the amount that you actually have to fight over to the South African Revenue Service. We are going to look at six parts in this video. Part one would be all the incomes that you have, and we'll have a quick look at the definition of what is income. What's the difference between income and gross income? Part two would be essentially your deductions. What deductions are allowed for a lot of people that consider this to be their expenses? Part three would then be to get to your taxable income. Part four would be calculating the actual tax amount. Part five is your rebate. And part six is essentially the amount of tax that you eventually have to pay or in some cases, that SARS has to refund you. And we're hoping for that, don't we all right? But one income can be defined using an online dictionary as money received for work done or through investments. In the income tax Act, it carries a slightly different meaning. Even though the term income is defined in section one of the Income Tax Act, the way in which the act itself uses the term causes a bit of confusion as to what exactly they mean by income. But one thing is certain, there is a specific definition with a list of items that are included for this definition. The term gross income is the total amount of worldwide incomes received...
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Tax brackets 2024 calculator Form: What You Should Know
Tax Brackets for 2024 and 2024 (PDF) — Canada Revenue Agency Calculate your 2024 Federal Income Taxes here on Canada Revenue Agency. 2018 Federal Tax Brackets — 2024 Tax Year (tax year 2017) — Canada Revenue Agency This list is updated monthly. Use the below link to see your 2024 federal and provincial tax brackets.
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