Assignment Question(s): (15.0 Marks) Each Questions Carries 5 Marks)
- A Zakat giver has an agricultural production at a market value of SAR 300,000. The zakat giver has no accounting books to count the actual production expenses. Assume the zakat receptacle reached the Nisab.
Required:
- What is the zakat due in case of watering without cost?
- What is the zakat due in case of watering with cost?
A Zakat giver has a commercial building that generated an annual income of SAR 200,000 and incurred actual expenses of SAR 50,000. The book value of the building is SAR 75,000 while its market value is SAR 150,000.
Required: What is the zakat due?
A Single Taxpayer In US Has The Following Information:
| Item | US$ |
| Gross Income | 500,000 |
| Exclusions | 50,000 |
| Deductions For Gross Income | 100,000 |
| Itemized Deductions | 5,000 |
| Standard Deduction | 6,100 |
| Personal Exemptions | 3,900 |
| Dependency Exemptions | 3,900 |
| Prepayments | 75,000 |
Required: Compute The Tax Due Assuming the Tax Rate Is 20%.
