Question: Calculate Total Assessable Income, Taxable Income, Tax Liability, Student loan (HECS), Medicare Levy, and Medicare Levy Surcharge if applicable, for the taxpayer (Susanne) with the information below:Susanne is a single and an Australian resident plans to lodge a tax return for the tax year 2020 - 2021.Her total taxable income is $90,000 (Including tax withheld).She does not have private health insurance.Susanne has a student loan HECS outstanding for her previous study at Sydney University of $53,000.Her employer pays superannuation guarantee charge of 9.5% on top of her salary to her nominated fund.Susanne earned a passive income of $10,000 from the investments in shares in the same tax year. Hint: The following website can be used to cross-check your answer, but you need to provide the detailed calculations, rates and explanations with the screenshots of rates from the ATO website. https://www.paycalculator.com.au/

Here, Sussane is a single and an Australian resident so, as per the website of ATO the rate of taxes…

Answered: Susanne is a single and an Australian…

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 5FPE: Calculating taxable income for a married couple filing jointly. Freya and Sebastian Hunter are...

See similar textbooks

Related questions

Question

Question: Calculate Total Assessable Income, Taxable Income, Tax Liability, Student loan (HECS), Medicare Levy, and Medicare Levy Surcharge if applicable, for the taxpayer (Susanne) with the information below:

Susanne is a single and an Australian resident plans to lodge a tax return for the tax year 2020 - 2021.
Her total taxable income is $90,000 (Including tax withheld).
She does not have private health insurance.
Susanne has a student loan HECS outstanding for her previous study at Sydney University of $53,000.
Her employer pays superannuation guarantee charge of 9.5% on top of her salary to her nominated fund.
Susanne earned a passive income of $10,000 from the investments in shares in the same tax year.

Hint: The following website can be used to cross-check your answer, but you need to provide the detailed calculations, rates and explanations with the screenshots of rates from the ATO website. https://www.paycalculator.com.au/

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 3 steps with 4 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions