Question
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
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