Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Income thresholds Rate Tax payable on this income $0 - $18,200 0% NII $18,201 - $37,000 19% 19c for each $1 over $18,200 $37,001 -

image text in transcribed

image text in transcribed

Income thresholds Rate Tax payable on this income $0 - $18,200 0% NII $18,201 - $37,000 19% 19c for each $1 over $18,200 $37,001 - $90,000 32.5% $3,572 plus 32.5% of amounts over $37,000 $90,001 - $180,000 37% $20,797 plus 37% of amounts over $90,000 $180,001 and over 45% $54,096 plus 45% of amounts over $180,000 Use the 2019-2020 tax rates table above to answer the following questions. Use a calculator, but show your working. 3. Suri earns $1390 per fortnight. Her taxable deductions for the year come to $280, and she has been paying weekly PAYG tax instalments of $75.20 (a) What is Suri's taxable income? (b) How much will Suri pay for the Medicare levy? (c) What is the total amount of tax that Suri should pay (don't forget to include the Medicare levy)? (d) Does Suri owe money to the Tax Office or will she get a refund? How much

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

Government Audit An Effective Tool For The Anti Corruption Struggle In The New Era Of Chinas Governance

Authors: Bowen Zou, Yanzhe Dr. Zhang, Yang Dr. ZHAO, Jian Dr. Zhang

1st Edition

1844646068, 978-1844646067

More Books

Students also viewed these Accounting questions

Question

305 mg of C6H12O6 in 55.2 mL of solution whats the molarity

Answered: 1 week ago