Query on taxable Pension Fund Contributions?
By Marc Sevitz · Updated
My company taxes my Total Cost to Company which includes my pension fund contributions paid over. Example: CTC: R15 000
Pension: 750
Medical Aid: 1348
UIF: 147. 80
Tax: 1592. 25
Less Tax Credit: 257
Net Salary: 10 904. 95
The full R15 000 is taxed, they list all of the above as company contributions. Is this correct?
If R15 000 is your cost to company including pension etc then your actual amount to be taxed on should be R15 000 less R750 = R14 250.