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After completion of your course, you start working at an accounting and tax office. Julia is your first client. She requires to lodge his income
After completion of your course, you start working at an accounting and tax office. Julia is your first client. She requires to lodge his income tax for 2021/22. She gave her annual income and deduction below. Calculate her Total Assessable Income, Taxable Income, Tax Liability, Medicare Levy and Medicare Levy Surcharge, if applicable, for the taxpayer (Julia) with the information below: Julia is a resident single mom with two dependent children (7 and 4 years old) taxpayer of Australia for the tax year 2021-2022 Her Taxable Salary earned is $109,000 (Including tax withheld), having no private health insurance. She had a $11,000 deduction. Julia has a student loan outstanding for his previous studies at Sydney University of $35,000. Julia's employer pays superannuation guarantee charge of 10% on top of her salary to her nominated fund. Julia earned a passive income of $7,000 from the investments in shares in the same tax year. Hint: The following website can be used to cross-check your answers, but you need to provide detailed calculations, rates and explanations with screenshots of rates from the ATO website
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