Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Calculate her Total Assessable Income, Taxable Income, Tax Liability, Medicare Levy and Medicare Levy Surcharge, if applicable, for the taxpayer (Mary) with the information below:

Calculate her Total Assessable Income, Taxable Income, Tax Liability, Medicare Levy and Medicare Levy Surcharge, if applicable, for the taxpayer (Mary) with the information below:

Mary is a resident single mom with one dependent child (4 years old) taxpayer of Australia for the tax year 2021-2022

Her Taxable Salary earned is $110,000 (Including tax withheld) having no private health insurance.

She had a $12,000 deduction.

Mary has a student loan outstanding for his previous studies at Queensland University of $32,000.

Marys employer pays superannuation guarantee charge of 9.5% on top of her salary to her nominated fund.

Mary earned a passive income of $5,000 from the investments in shares in the same tax year

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Hospitality Industry Managerial Accounting

Authors: Raymond S. Schmidgall

8th Edition

0866124977, 9780866124973

More Books

Students also viewed these Accounting questions