Question
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
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
Income tax payable
Medicare levy
Tax offsets
Final income tax payable/refundable
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.
|
| Type your answers below |
| Income |
|
| Salary |
|
| Allowance |
|
| Other income |
|
| Dividends |
|
| Imputation credits |
|
| Capital gain |
|
| Less Exempt Income |
|
| Assessable Income |
|
| Less: Deductions |
|
| Work related expenses |
|
| Disallowed deductions |
|
| Taxable Income |
|
| Income tax payable |
|
| Less Tax Offsets |
|
| Imputation credit |
|
| Income Tax Payable |
|
| Plus: Medicare Levy |
|
| Plus: Medicare Levy Surcharge |
|
| Total Income Tax Payable |
|
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Cost Accounting A Managerial Emphasis
Authors: Srikant M. Datar, Madhav V. Rajan, Charles T. Horngren, Louis Beaubien, Chris Graham
7th Canadian Edition
133138445, 978-0133926330, 133926338, 978-0133138443
