Practice Quiz 2_ Attempt review _ KapLearn

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Kaplan Business School *

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006

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Accounting

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Feb 20, 2024

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pdf

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7

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2/13/24, 4:24 PM Practice Quiz 2: Attempt review | KapLearn https://www.kaplearn.com/mod/quiz/review.php?attempt=1360186&cmid=131969 1/7 Started on Tuesday, 13 February 2024, 4:24 PM State Finished Completed on Tuesday, 13 February 2024, 4:24 PM Time taken 7 secs Question 1 Not answered Not graded Question 2 Not answered Not graded My home / My subjects / FPC006v11 / Practice Quiz 2 The Australian personal income tax system is: regressive — both low-income residents and non-residents pay a higher amount of taxes compared to high-income earners proportional — residents and non-residents pay the same tax regardless of income and wealth progressive and marginal — both residents and non-residents pay more tax than low-income earners progressive — only high-income residents pay more tax The correct answer is: progressive and marginal — both residents and non-residents pay more tax than low-income earners From the following, identify the third category of marginal tax rate payers. working holiday-makers minors senior citizens salaried persons The correct answer is: working holiday-makers
2/13/24, 4:24 PM Practice Quiz 2: Attempt review | KapLearn https://www.kaplearn.com/mod/quiz/review.php?attempt=1360186&cmid=131969 2/7 Question 3 Not answered Not graded Question 4 Not answered Not graded Question 5 Not answered Not graded Jane’s taxable income for the year ending 30 June 2023 is $130,000. She has relevant private health insurance for 182 days, and is not eligible for SAPTO. Her Medicare levy surcharge would be: $682 $720 $815 $430 The correct answer is: $815 Which of the following statements about tax offsets/rebates is correct ? Tax offsets/rebates reduce a taxpayer’s tax liability Tax offsets/rebates may be transferred to another taxpayer Tax offsets/rebates may be refundable or non-refundable All of the above The correct answer is: All of the above A single parent on which of the following incomes would receive the full SAPTO rebate? $62,000 $60,000 $50,000 $50,200 The correct answer is: $50,000
2/13/24, 4:24 PM Practice Quiz 2: Attempt review | KapLearn https://www.kaplearn.com/mod/quiz/review.php?attempt=1360186&cmid=131969 3/7 Question 6 Not answered Not graded Question 7 Not answered Not graded Question 8 Not answered Not graded Which of the following is the concessional superannuation contribution? a mandated employer contribution made under an award a personal contribution for which a tax deduction is not claimed a contribution that exceeds the concessional cap a transfer from foreign superannuation fund, excluding amounts included in the fund’s assessable income The correct answer is: a mandated employer contribution made under an award Which of the following payments qualifies as an employment termination payment (ETP)? unused annual leave payment compensation for wrongful dismissal payment from a pension or an annuity reasonable capital payment for personal injury or restraint of trade The correct answer is: compensation for wrongful dismissal Which of following statements applies to fringe benefits tax (FBT)? FBT is payable by both employees and employers FBT is a statutory extension of the income base, as it creates a taxable value for each type of benefit Fringe benefits are non-salary benefits provided to employees All of the above The correct answer is: All of the above
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