Question
I need help For the year ending 30 June 2018, Justin Masonry's payment summary shows a gross salary of $39,050, with PAYG withholding tax deductions
I need help
For the year ending 30 June 2018, Justin Masonry's payment summary shows a gross salary of $39,050, with PAYG withholding tax deductions of $7,000. Justin had quoted her TFN to her employer. She also received net bank interest of $535 after the bank had deducted $465 from the interest payable on a fixed-interest term deposit. Justin had not quoted her TFN to the bank. Her allowable deductions were bank fees and charges of $50 and work related expenses of $600.
Required: Using Excel Spreadsheet Calculate Justin's
a) Assessable Income
b) Taxable Income and Tax on Taxable Income
c) Low Income Tax Offset (LITO)
d) Medicare levy
e) Tax Payable or Refundable for the year ended 30 June 2018.
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