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Manpreet Kaur a 45 years old employee (Resident Individual) that have annual salary of $98,000 during Tax Year 20-21, where she also received a fully
Manpreet Kaur a 45 years old employee (Resident Individual) that have annual salary of $98,000 during Tax Year 20-21, where she also received a fully franked dividend from resident public company for the amount of $6,300. Manpreet got some eligible deductions for the year to the amount of $5,800. Manpreet has private insurance cover during the year. Manpreet has paid tax during the year on Manpreet's salary for the amount of $27,500 (PAYG). Manpreet also still have HELP loan balance ($15,000) that Manpreet still needs to pay. Based on the above information, what will be Manpreet tax payable/refund for the year 20-21 tax year? Please take account on Medicare Levy, Medicare Levy Surcharge, PAYG, and HELP's repayment Resident tax rates 2020-21 Taxable income Tax on this income 0-$18,200 Nil $18,201 - $45,000 19 cents for each $1 over $18,200 $45,001 - $120,000 $5,092 plus 32.5 cents for each $1 over $45,000 $120,001 - $180,000 $29,467 plus 37 cents for each $1 over $120,000 $180,001 and over $51,667 plus 45 cents for each $1 over $180,000 Rectangular Snip
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