Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Ordinary Income 1. Johnson is a cricketer. He works for west union club and has received an annual salary. He also earns bonus for every

image text in transcribed
Ordinary Income 1. Johnson is a cricketer. He works for west union club and has received an annual salary. He also earns bonus for every match he plays. In 2015/16 income year, he earned salary of $60,000 and bonus of $30,000. He has a private hospital cover. Required: Tax payable (income tax and medicare levy (2% on total taxable income when taxable income is of $26,668 and over) NII 0-$18,200 $18,201 - $37,000 19c for each $1 over $18.200 $37,001 - $80,000 $3,572 plus 32.Se for each $1 over $37,000 $80,001 $180,000 $17.507 plus 37c for each $1 over $80,000 $180,001 and over $54,547 plus 45c for each $1 over $180,000

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_2

Step: 3

blur-text-image_3

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

Accounting Regulation In Europe

Authors: McLeay Stuart

1st Edition

0333694600, 9780333694602

More Books

Students also viewed these Accounting questions

Question

1. What would you do if you were Jennifer, and why?

Answered: 1 week ago