Estimating Personal Income Tax Genetta is a 27-year-old working as a relief teacher with a gross income from employment of $68,000 for the 2020-2021 financial year. Genetta is a member of a teacher's union and pays one percent of her wages in union fees each year. She has a remaining HELP debt of $13,000 as a result of her tertiary studies. Genetta feels strongly about social welfare and has accumulated receipts from donations to charities of $550 for 2020-2021. She does not have private health care, as she believes that the expense is not warranted given public provision of health services. As Genetta travels between schools to undertake her relief teaching, she had 2,155 km of work-related car travel during 2020-2021. Genetta estimates that 30 per cent of her mobile phone and Internet expenses ($1,165 per year) are work related. Genetta uses her home office for two days a week (8 hours a day, 100 days in 2020-2021 financial year) to prepare classes, and estimates that ten per cent of her electricity expenses ($2,350 per year) are work related. Genetta's assets include $6,500 which held in a term deposit account, earning $195 in interest for the 2020-2021 year, a personal share portfolio worth $55,000, which provided fully-franked dividends of $2,200 in 2020-2021, and has a superannuation account balance of $135,000. During 2020-2021 Genetta sold $7,000 of shares in XYZ Co. (purchased in 2016-2017 for $4,000 inclusive of brokerage costs), and $3,000 of shares in RST Co. (purchased at the beginning of 2020-2021 for $2,350 inclusive of costs). The cost of selling each parcel of shares was $25 via her online share trade account. 1. What is the value of the franking credits received by Genetta? What is the value of the assessable income received through dividends by Genetta? 2. What is the net assessable capital gain on Genetta's share sales? 3. Estimate Genetta's assessable income for 2020-2021. 4. Determine the value of Genetta's allowable deductions. 5. What is Genetta's taxable income? 6. What is the value of any tax offsets (rebates or credits) received by Genetta? 7. What is the value of the levies that Genetta must pay on her taxable income? 8. Determine the value of net tax payable by Genetta.