Question
Morris Mansfield, aged 55, derived $92,000 in salary and received $3,820 in fully franked dividends from companies with a corporate tax rate for imputation purposes
Morris Mansfield, aged 55, derived $92,000 in salary and received $3,820 in fully franked dividends from companies with a corporate tax rate for imputation purposes of 30%. His deductions, which all relate to earning his salary, totaled $5,780. Morris has the highest level of private hospital health insurance cover. Tax paid during the 2018–2019 year on Morris’s salary totaled $29,985.
On the basis of this information, what will be Morris’s tax refund for the 2018–2019 tax year?
a).$6,733.97
b).$8,371.11
c).$8,567.51
d).$7,372.40
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Concepts In Federal Taxation
Authors: Kevin E. Murphy, Mark Higgins, Tonya K. Flesher
19th Edition
978-0324379556, 324379552, 978-1111579876
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