Question
Duringthe2020/21taxyear,JoeyTylercommencedhiscareerasaguitarist. Inthat year,Joeyderived taxable professionalincomeof $75,000. Duringthe2021/22taxyear,Joey'srecordsdisclosedthathehadderivedtaxable income of$102,000 comprising: TaxableprofessionalincomeOthertaxable income $98,000 4,OOO Joeyhasadequateprivatehealthinsuranceanddidnothaveanytax withheldat source. CalculateJoey'saverage taxable professionalincomeforthe2021/22 taxyear. CalculateJoey'saboveaveragespecialprofessionalincomeforthe 2021/22taxyear. CalculateJoey'snormaltaxableincomeforthe 2021/22taxyear.
Duringthe2020/21taxyear,JoeyTylercommencedhiscareerasaguitarist. Inthat year,Joeyderived taxable professionalincomeof $75,000.
Duringthe2021/22taxyear,Joey'srecordsdisclosedthathehadderivedtaxable income of$102,000 comprising:
TaxableprofessionalincomeOthertaxable income
$98,000
4,OOO
Joeyhasadequateprivatehealthinsuranceanddidnothaveanytax withheldat source.
CalculateJoey'saverage taxable professionalincomeforthe2021/22 taxyear.
CalculateJoey'saboveaveragespecialprofessionalincomeforthe
2021/22taxyear.
CalculateJoey'snormaltaxableincomeforthe 2021/22taxyear. CalculateJoey'snettaxpayableorrefundableforthe2021/22taxyear.
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Intermediate Accounting
Authors: Loren A Nikolai, D. Bazley and Jefferson P. Jones
10th Edition
324300980, 978-0324300987
