Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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. 

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

College Accounting A Practical Approach

Authors: Jeffrey Slater

12th edition

978-0132772068, 133468100, 013277206X, 9780133468106, 978-0133133233

Students also viewed these Accounting questions