Calculate Total Assessable Income, Taxable Income, Tax Liability, Medicare Levy and Medicare Levy Surcharge, if applicable, for the tax payer (Jenny) with information below: Jenny is a resident single mom with one dependent child (7 years old) tax payer of Australia for the tax year 2019-2020 Her Taxable Salary earned is $120,000 (Including tax withheld) having no private health insurance. Jenny has a student loan outstanding for his previous studies at Queensland University of $32,000. Jenny’s employer pays superannuation guarantee charge of 9.5% on top of her salary to her nominated fund. Jenny earned a passive income of $5,000 from the investments in shares in the same tax year. Find, 1. Total Assessable Income 2. Total Taxable Income 3. HELP repayment amount
Calculate Total Assessable Income, Taxable Income, Tax Liability, Medicare Levy and Medicare Levy Surcharge, if applicable, for the tax payer (Jenny) with information below: Jenny is a resident single mom with one dependent child (7 years old) tax payer of Australia for the tax year 2019-2020 Her Taxable Salary earned is $120,000 (Including tax withheld) having no private health insurance. Jenny has a student loan outstanding for his previous studies at Queensland University of $32,000. Jenny’s employer pays superannuation guarantee charge of 9.5% on top of her salary to her nominated fund. Jenny earned a passive income of $5,000 from the investments in shares in the same tax year. Find, 1. Total Assessable Income 2. Total Taxable Income 3. HELP repayment amount
Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)
7th Edition
ISBN:9780357033609
Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Chapter3: Preparing Your Taxes
Section: Chapter Questions
Problem 2FPE: Estimating taxable income, tax liability, and potential refund. Arabella Cunningham is 24 years old...
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QUESTION 2
Calculate Total Assessable Income, Taxable Income, Tax Liability, Medicare Levy and Medicare Levy Surcharge, if applicable, for the tax payer (Jenny) with information below:
- Jenny is a resident single mom with one dependent child (7 years old) tax payer of Australia for the tax year 2019-2020
- Her Taxable Salary earned is $120,000 (Including tax withheld) having no private health insurance.
- Jenny has a student loan outstanding for his previous studies at Queensland University of $32,000.
- Jenny’s employer pays superannuation guarantee charge of 9.5% on top of her salary to her nominated fund.
- Jenny earned a passive income of $5,000 from the investments in shares in the same tax year.
Find,
1. Total Assessable Income
2. Total Taxable Income
3. HELP repayment amount
4. Medicare Levy
5. Medicare Levy Surcharge
6. Total Tax Liability
7. Net Tax Liability (Total Tax Liability less any applicable tax offset if any)
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