Financial Documents, Tax & Tariffs is one of 9 topics in the Grade 12 Mathematical Literacy CAPS syllabus, covered across 3 lessons on Study Vault. Below are real practice questions from this topic with full worked answers.
Sample practice questions
Easy
1. Which South African government body is responsible for collecting personal income tax?
SARS (South African Revenue Service)
UIF (Unemployment Insurance Fund)
The Reserve Bank
StatsSA
Answer: SARS (South African Revenue Service) — SARS (the South African Revenue Service) is the government body responsible for collecting personal income tax and issuing tax tables and IRP5 certificates.
Easy
2. What is the name of the official annual certificate an employer issues showing the tax deducted from an employee's salary over the year?
Answer: IRP5 — The IRP5 certificate is the official annual record of tax (PAYE) deducted from an employee's salary, issued by the employer.
Medium
3. An employee earns a gross monthly salary of R12,000. UIF is deducted at 1% of gross remuneration (below the monthly UIF ceiling for this employee). How much, in Rand, is deducted for UIF this month?
Answer: 120 — UIF is 1% of gross remuneration: 1% of R12,000 = 0.01 x 12,000 = R120.
