William, a resident, has taxable income for 2020/21 of $60,000. The PAYG amounts withheld by his employer totalled $11,500 for the year. What is William's net tax liability after considering all offsets, levies and credits?

William, a resident, has taxable income for 2020/21 of $60,000. The PAYG amounts withheld by his employer totalled $11,500 for the year. What is William's net tax liability after considering all offsets, levies and credits?

Individual Income Taxes

43rd Edition

ISBN:9780357109731

Author:Hoffman

Publisher:Hoffman

Chapter12: Alternative Minimum Tax

Section: Chapter Questions

Problem 27P: Arthur Wesson, an unmarried individual who is age 68, reports taxable income of 510,000 in 2019. He...

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Concept explainers

Fringe Benefit Tax

Fringe benefits are in addition to the compensation that companies give to their employees. It is an additional benefit above the stated salary. It helps to keep the employees of the firm motivated as sometimes the only salary is not enough to retain the quality employees of the firm. There are different types of fringe benefits. Fringe benefits are given in both private as well as public enterprises.

Question

William, a resident, has taxable income for
2020/21 of $60,000. The PAYG amounts
withheld by his employer totalled $11,500 for
the year.
What is William's net tax liability after
considering all offsets, levies and credits?
$1,533 refund
$1,513 refund
An amount not shown here
$9,987 payable
$8,787 payable
$1,413 refund
$11,167 payable
$433 refund
$333 refund

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