Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Michelle, a single nurse at the local hospital (with no dependants) received $105,000 in wages and a $5,000 fully franked dividend. She has work related

image text in transcribed
Michelle, a single nurse at the local hospital (with no dependants) received $105,000 in wages and a $5,000 fully franked dividend. She has work related expenses of $2,000 and is also undertaking a floristry course as she enjoys making floral arrangements for her home and friends. She paid $1,000 for this floristry course. Michelle has no private health insurance. Calculate the tax payable for Michelle. Your response should include calculations to show: - Assessable income - Deductions - Taxable income - Incometax payable - Medicarelevy - Tax offsets - Final income tax payablerefundable Round all figures to the nearest whole dollar. Use the following table as a guide. You may need to add rows to complete your answer. Show your workings. Full marks will not be awarded if workings are not provided

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

Towards A Strategic Human Resource Management Roles Of HR Audit And Org Culture

Authors: Adel Al Samman

1st Edition

3330653051, 978-3330653054

More Books

Students also viewed these Accounting questions

Question

What does the term Tort mean? Explain with examples.

Answered: 1 week ago