Question
Question 5 (6 marks) At the end of the current income year ending 30 June 2022 (2021-2022), John has assessable income of $130,200 and allowable
Question 5 (6 marks)
At the end of the current income year ending 30 June 2022 (2021-2022), John has assessable income of $130,200 and allowable deductions of $5,700.
Please note that the Low and Middle Income Tax Offset rates are set out below:
Low and Middle Income Tax Offset
Taxable income
Offset
$37,000 or less
$255
From $37,001 to $48,000
$255 plus 7.5 cents for every dollar above $37,000, up to a maximum of $1,080
From $48,001 to $90,000
$1,080
From $90,001 to $126,000
$1,080 minus 3 cents for every dollar of the amount above $90,000
Please calculate Johns tax payable at the end of the 2021/2022 financial year.
Question 5 (6 marks)
At the end of the current income year ending 30 June 2022 (2021-2022), John has assessable income of $130,200 and allowable deductions of $5,700.
Please note that the Low and Middle Income Tax Offset rates are set out below:
Low and Middle Income Tax Offset | |
Taxable income | Offset |
$37,000 or less | $255 |
From $37,001 to $48,000 | $255 plus 7.5 cents for every dollar above $37,000, up to a maximum of $1,080 |
From $48,001 to $90,000 | $1,080 |
From $90,001 to $126,000 | $1,080 minus 3 cents for every dollar of the amount above $90,000 |
Please calculate Johns tax payable at the end of the 2021/2022 financial year.
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Intermediate Accounting
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Nicola M. Young, Irene M. Wiecek, Bruce J. McConomy
11th Canadian edition Volume 1
1119048532, 978-1119048534
