Based on taxation in accounting

Lisa from Australia has sent through the following information. Can you pull this together with what you have examined already so we can have a tax estimate ready to go.

• Wages (Melbourne employment) - $125,000 net wages, PAYG withheld of $43,000 plus a bonus of $5,000 was paid.
• Wages (Darwin employment) - $25,000 net wages, PAYG withheld of $1,500
• Interest income $1,000
• Allowable general deductions $3,300
• Allowable specific deductions $1,000
• Lisa is single with no private health insurance.
• Lisa has no reportable fringe benefits or reportable superannuation contributions.

Required: You are required to calculate Lisas taxable income and net tax payable for the year ending 30 June 2020 based on the above information provided

Calculate Lisas Taxable Income. Show all workings.

Hint: You can use the following format:

Ordinary Income	$X
Statutory Income	$X
Total Assessable Income	$X
General Deductions	$X
Specific Deductions	$X
Total Allowable Deductions	$X
Taxable Income	$X

Q2: Calculate Lisas Basic Tax Payable. Show all workings.

Q3: Calculate Lisas Medicare Levy. Show all workings

Q4: Calculate Lisas Medicare Levy Surcharge. Show all workings

Q5: Calculate Lisas Net Tax Payable. Show all workings.