Tax and Zakat Accounting / ACCT 422

College of Administration and Finance SciencesAssignment (2)
Deadline: Saturday 04/05/2024 @ 23:59
Course Name: Tax and Zakat Accounting
Student’s Name:
Course Code: ACCT 422
Student’s ID Number:
Semester: Second
CRN:
Academic Year: 1445 H
For Instructor’s Use only
Instructor’s Name:
Students’ Grade:
/15
Level of Marks: High/Middle/Low
Instructions – PLEASE READ THEM CAREFULLY
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The Assignment must be submitted on Blackboard (WORD format only) via allocated folder.
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Assignments submitted through email will not be accepted.
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Students are advised to make their work clear and well presented; marks may be reduced for
poor presentation. This includes filling your information on the cover page.
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Students must mention question number clearly in their answer.
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Late submission will NOT be accepted.
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Avoid plagiarism, the work should be in your own words, copying from students or other
resources without proper referencing will result in ZERO marks. No exceptions.
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All answers must be typed using Times New Roman (size 12, double-spaced) font. No
pictures containing text will be accepted and will be considered plagiarism.
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Submissions without this cover page will NOT be accepted.
College of Administration and Finance Sciences
Q1. Using your own words, List Five with an explanation of the obligatory conditions of Zakat
to be eligible as alms assets. (5 Marks)
Q2. Abdullah is a Saudi citizen has submitted his zakat return including the following
information for 1445 H (4 Marks)
a) Owns an investment car at a book value of 450,000 and with market value of 510,000, the car
produced a monthly rental value of 33,000, actual total expenses incurred every month of
getting the income is SAR 5,500.
b) Owns a farm at a book value of 950,000 and during the year it produces different type of
fruits. The total gain is SR 390,000. Expenses of the production are estimated at one-third,
assuming it’s watered by water from springs and rain.
Required: Calculate the receptacle of the zakat for each kind assuming the zakat receptacle exceeds
Nisab.
Q3. Using your own words, explain the different concepts of income from accounting,
economics, and taxation perspectives. (3 Marks)
Q4. Using the Formula for individual income tax. Give a comprehensive numerical example for
calculating income tax for an individual taxpayer in United States. (3 Marks)