QUESTION 2Calculate 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 2019-2020Her 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 Income2. Total Taxable Income3. HELP repayment amount 4. Medicare Levy 5. Medicare Levy Surcharge 6. Total Tax Liability7. Net Tax Liability (Total Tax Liability less any applicable tax offset if any)

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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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