James is a resident single tax payer of Australia for the tax year 2019-2020 His Taxable Salary earned is $170,000 (Including tax withheld) having no private health insurance. James has a student loan outstanding for his previous studies at Monash University of $57,000 James’ employer pays superannuation guarantee charge of 9.5% on top of his salary to his nominated fund. James earned a passive income of $15,000 from the investments in shares in the same tax year.
James is a resident single tax payer of Australia for the tax year 2019-2020 His Taxable Salary earned is $170,000 (Including tax withheld) having no private health insurance. James has a student loan outstanding for his previous studies at Monash University of $57,000 James’ employer pays superannuation guarantee charge of 9.5% on top of his salary to his nominated fund. James earned a passive income of $15,000 from the investments in shares in the same tax year.
Chapter13: Tax Credits And Payment Procedures
Section: Chapter Questions
Problem 30P
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Question
Calculate Total Assessable Income, Taxable Income, Tax Liability, Medicare Levy and Medicare Levy Surcharge, if applicable, for the tax payer (James) with information below:
- James is a resident single tax payer of Australia for the tax year 2019-2020
- His Taxable Salary earned is $170,000 (Including tax withheld) having no private health insurance.
- James has a student loan outstanding for his previous studies at Monash University of $57,000
- James’ employer pays superannuation guarantee charge of 9.5% on top of his salary to his nominated fund.
- James earned a passive income of $15,000 from the investments in shares in the same tax year.
QUESTION 2: Income Tax Calculation Weighting Total Assessable Income 2 % Total Taxable Income 2 % HELP repayment amount 2 % Medicare Levy 2 % Medicare Levy Surcharge 2 % Total Tax Liability 3 % Net Tax Liability
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