40. Michael is a tax resident of Australia. The 2019-2020 individual tax rates are as follows Resident tax rates 2019-20 Taxable income Tax on this income 0 - $18,200 Nil $18,201 - $37,000 19c for each $1 over $18,200 $37,001 - $90,000 $3,572 plus 32.5c for each $1 over $37,000 $90,001 - $180,000 $20.797 plus 37c for each $1 over $90,000 $180,001 and over $54,097 plus 45c for each $1 over $180,000 The Medicare levy is 2%. Michael however is not liable to pay the additional Medicare surcharge. His income tax return details were as follows: Salaries Interest Revenue Trust Income Net Capital Gains Work Related Deductions Cost of managing tax affairs Gifts and Donations Personal Super Contributions Income Protection Insurance Premium Low and Middle Income Tax Offset PAYG withholding credits $ $ $ $ $ $ $ $ $ $ $ 112,578.00 146.74 367.56 7,414.37 9,721.86 60.70 20.00 15,000.00 2,608.70 852.21 28,102.00 Task: Assuming $4,500 of the personal superannuation contributions were not deductible as Michael had exceeded his Concessional Contributions Limit, calculate to the nearest dollar 1. Michael's Taxable Income, and 2. How much tax Michael will need to remit to the ATO or the refund he will get Answers: 41. Michel is a tax resident of Australia. The 2019-2020 individual tax rates are as follows Resident tax rates 2019-20 Taxable income Tax on this income 0 - $18,200 Nil $18,201 - $37,000 19c for each $1 over $18,200 $37,001 - $90,000 $3,572 plus 32.5c for each $1 over $37,000 $90,001 - $180,000 $20,797 plus 37c for each $1 over $90,000 $180,001 and over $54,097 plus 45c for each $1 over $180,000 The Medicare levy is 2%. Michel however is not liable to pay the additional Medicare surcharge. His income tax return details were as follows: Salaries Interest Revenue Trust Income Business Income Work Related Deductions Cost of managing tax affairs Gifts and Donations Tax Offset (Max) for Contribution to Spouse Super Income Protection Insurance Premium PAYG instalments paid PAYG withholding credits $ $ $ $ $ $ $ $ $ $ $ 130,000.00 1,208.76 1,637.00 4,628.44 7,821.42 86.97 20.00 540.00 2,630.44 1,732.00 as per Activity Statements 25,007.00 Tasks: Calculate to the nearest dollar 1. Michel's Taxable Income, and 2. How much tax Michel will need to remit to the ATO or the refund he will get 40. Michael is a tax resident of Australia. The 2019-2020 individual tax rates are as follows Resident tax rates 2019-20 Taxable income Tax on this income 0 - $18,200 Nil $18,201 - $37,000 19c for each $1 over $18,200 $37,001 - $90,000 $3,572 plus 32.5c for each $1 over $37,000 $90,001 - $180,000 $20.797 plus 37c for each $1 over $90,000 $180,001 and over $54,097 plus 45c for each $1 over $180,000 The Medicare levy is 2%. Michael however is not liable to pay the additional Medicare surcharge. His income tax return details were as follows: Salaries Interest Revenue Trust Income Net Capital Gains Work Related Deductions Cost of managing tax affairs Gifts and Donations Personal Super Contributions Income Protection Insurance Premium Low and Middle Income Tax Offset PAYG withholding credits $ $ $ $ $ $ $ $ $ $ $ 112,578.00 146.74 367.56 7,414.37 9,721.86 60.70 20.00 15,000.00 2,608.70 852.21 28,102.00 Task: Assuming $4,500 of the personal superannuation contributions were not deductible as Michael had exceeded his Concessional Contributions Limit, calculate to the nearest dollar 1. Michael's Taxable Income, and 2. How much tax Michael will need to remit to the ATO or the refund he will get Answers: 41. Michel is a tax resident of Australia. The 2019-2020 individual tax rates are as follows Resident tax rates 2019-20 Taxable income Tax on this income 0 - $18,200 Nil $18,201 - $37,000 19c for each $1 over $18,200 $37,001 - $90,000 $3,572 plus 32.5c for each $1 over $37,000 $90,001 - $180,000 $20,797 plus 37c for each $1 over $90,000 $180,001 and over $54,097 plus 45c for each $1 over $180,000 The Medicare levy is 2%. Michel however is not liable to pay the additional Medicare surcharge. His income tax return details were as follows: Salaries Interest Revenue Trust Income Business Income Work Related Deductions Cost of managing tax affairs Gifts and Donations Tax Offset (Max) for Contribution to Spouse Super Income Protection Insurance Premium PAYG instalments paid PAYG withholding credits $ $ $ $ $ $ $ $ $ $ $ 130,000.00 1,208.76 1,637.00 4,628.44 7,821.42 86.97 20.00 540.00 2,630.44 1,732.00 as per Activity Statements 25,007.00 Tasks: Calculate to the nearest dollar 1. Michel's Taxable Income, and 2. How much tax Michel will need to remit to the ATO or the refund he will get