Calculate Total Assessable Income, Taxable Income, Tax Liability, Medicare Levy and Medicare Levy Surcharge, if applicable, for the tax payer (Judy) with information below:Judy is a resident married, with no children, tax payer of Australia for the tax year 2019-2020Her Taxable Salary earned is $100,000 while her husband’s taxable income for the same year is $150,000 (Including tax withheld) both having no private health insurance.Judy has a student loan outstanding for her previous studies at University Technology Sydney of $80,000.Judy’s and her husband’s employers pay superannuation guarantee charge of 9.5% on top of their salary to their nominated funds.Judy earned a passive income of $20,000 from the investments in shares in the same tax year. Hint: The following website can be used to cross check your answers but you need to provide the detailed calculations, rates and explanations with the screenshots of rates from ATO website.https://www.paycalculator.com.au/

Tax is paid on clubbed income in case of married couple. Total income of both partners are consider…

Income Tax Fundamentals 2020

38th Edition

ISBN:9780357391129

Author:WHITTENBURG

Publisher:WHITTENBURG

Chapter7: Tax Credits

Section: Chapter Questions

Problem 9P

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Calculate Total Assessable Income, Taxable Income, Tax Liability, Medicare Levy and Medicare Levy Surcharge, if applicable, for the tax payer (Judy) with information below:

Judy is a resident married, with no children, tax payer of Australia for the tax year 2019-2020
Her Taxable Salary earned is $100,000 while her husband’s taxable income for the same year is $150,000 (Including tax withheld) both having no private health insurance.
Judy has a student loan outstanding for her previous studies at University Technology Sydney of $80,000.
Judy’s and her husband’s employers pay superannuation guarantee charge of 9.5% on top of their salary to their nominated funds.
Judy earned a passive income of $20,000 from the investments in shares in the same tax year.

Hint: The following website can be used to cross check your answers but you need to provide the detailed calculations, rates and explanations with the screenshots of rates from ATO website.

https://www.paycalculator.com.au/

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