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.
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.
SWFT Essntl Tax Individ/Bus Entities 2020
23rd Edition
ISBN:9780357391266
Author:Nellen
Publisher:Nellen
Chapter9: Individuals As Taxpayers
Section: Chapter Questions
Problem 2CE
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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.
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