FREE Trial S
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

QUESTION1.5 (Eligible andexcepted assessableincome) RodneyReelisaresidenttaxpayeraged16.Rodneyiscurrentlyengagedinfull-timestudyathighschool.Duringthe2021/22taxyear,Rodneyreceived the followingamounts: GrossWagesfrompart-timeemploymentatKFC 6400 Interestfromtermdeposit givento Rodney byhisparents 850 Interest frombankaccountcomprisingsavingsfrompart- timewages 25 Incomedistribution fromdeceased estate 3700 Income distributionfromfamilytrust 10000

QUESTION1.5(Eligible andexcepted assessableincome)

RodneyReelisaresidenttaxpayeraged16.Rodneyiscurrentlyengagedinfull-timestudyathighschool.Duringthe2021/22taxyear,Rodneyreceived the followingamounts:

GrossWagesfrompart-timeemploymentatKFC 6400

Interestfromtermdeposit givento Rodney byhisparents 850

Interest frombankaccountcomprisingsavingsfrompart- timewages 25

Incomedistribution fromdeceased estate 3700

Income distributionfromfamilytrust 10000

Businessincomederivedfrommowinglawnsforlocalresidents 2840

Required:

  1. CalculateRodney's exceptedassessableincome forthe2021/22 taxyear.
  2. Atwhatrateisexceptedassessableincometaxed?
  3. CalculateRodney'seligibleassessableincomeforthe2021/22taxyear.
  4. Atwhatrateiseligibleassessableincometaxed?
  5. Isthecalculationofaminor'sMedicareLevyaffectedbytheireligible

andexceptedincome?

  1. Isthecalculationofaminor'slowincometaxoffsetaffectedbytheireligibleandexceptedincome?

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

Fundamental Managerial Accounting Concepts

Fundamental Managerial Accounting Concepts

Authors: Edmonds, Tsay, olds

6th Edition

ISBN: 71220720, 78110890, 9780071220729, 978-0078110894

More Books

Students also viewed these Accounting questions

Question

RodneyReelisaresidenttaxpayeraged16.Rodneyiscurrentlyengagedinfull-timestudyathighschool.Duringthe2021/22taxyear,Rodneyreceived the followingamounts: GrossWagesfrompart-timeemploymentatKFC 6400...

Answered: 1 week ago

Question

★★★★★
The following additional information is available for the Dr. Ivan and Irene Incisor family from Chapters 1-5. Ivan's grandfather died and left a portfolio of municipal bonds. In 2012, they pay Ivan...

Answered: 1 week ago

Question

★★★★★
The following additional information is available for the Dr. Ivan and Irene Incisor family. The Incisors own a rental beach house in Hawaii. The beach house was rented for the full year during 2012...

Answered: 1 week ago

Question

★★★★★
Khairul has been working with Tun Hamid Energy Bhd since 1 February 2009 as a Human Resource Executive. Beginning 1 January 2014, he was promoted as Human Resource Manager. Details of his...

Answered: 1 week ago

Question

★★★★★
You are the HR consultant to a small business with about 40 employees. Now the firm offers only five days vacation, five paid holidays, and legally mandated benefits such as unemployment insurance...

Answered: 1 week ago

Question

★★★★★
Identify the key events during meiosis that result in a 50% reduction in the amount of genetic material per cell.

Answered: 1 week ago

Question

★★★★★
understand the principles of participatory action research (PAR) and why it is used for work-stress interventions;

Answered: 1 week ago

Question

★★★★★
Write the audit approach section like the cases in the chapter. Hide the Loss under the Goodwill Gulwest Industries, a public company, decided to discontinue its unprofitable line of business of...

Answered: 1 week ago

Question

★★★★★
Santana Rey receives the March bank statement for Business Solutions on April 11, 2016. The March 31 bank statement shows an ending cash balance of $67,566. A comparison of the bank statement with...

Answered: 1 week ago

Question

★★★★★
Job Order Costing Completing this activity will help you learn to: Determine amounts in a job order cost accounting system for a manufacturing business. Extract information from a data set using...

Answered: 1 week ago

Question

★★★★★
Choose three out of the six drivers of supply chain performance; list two metrics under each driver; and, explain how each metric could be linked to a firm's financial performance. Give examples to...

Answered: 1 week ago

Question

★★★★★
Lucido Products markets two computer games: Claimjumper and Makeover. A contribution format income statement for a recent month for the two games appears below: Claimjumper Makeover $ 96,000 $ 48,000...

Answered: 1 week ago

Question

★★★★★
Franks Hot Dogs is a customer of your company and purchases hot dog buns from you. They have multiple restaurant locations that they want you to deliver the hot dog buns to, but they want all of the...

Answered: 1 week ago

Question

★★★★★
Outback Outfitters sells recreational equipment. One of the company's products, a small camp stove, sells for $130 per unit. Variable expenses are $91 per stove, and fixed expenses associated with...

Answered: 1 week ago

Question

★★★★★
Ken is 63 years old and unmarried. He retired at age 55 when he sold his business, Understock.com. Though Ken is retired, he is still very active. Ken reported the following financial information...

Answered: 1 week ago

Question

★★★★★
The following accounts were taken from Henry Company's unadjusted trial balance at December 31, 2027: Accounts payable $59,000 Accounts receivable $47,000 Cash $36,000 Common stock $52,000 Cost of...

Answered: 1 week ago

Question

★★★★★
please make it clear and right The following information is available for Tamarisk Company. TAMARISK COMPANY Cost of Goods Manufactured Schedule Work in Process, Jan. 1 Direct Materials RawMaterials...

Answered: 1 week ago

Question

★★★★★
Integration is a vital concept when applied in one?s life. Integrating your life means making ideal choices. Perfect choices on the other go in line with quality decisions. Quality decisions lead to...

Answered: 1 week ago

Question

★★★★★
15.29 Why nonparametrics? Present a situation for which its preferable to use a nonparametric method instead of a parametric method and explain why.

Answered: 1 week ago

Question

★★★★★
15.31 Complete the analogy The t test for comparing two means is to the one-way ANOVA F test as the Wilcoxon test is to the __________ test.

Answered: 1 week ago

Question

★★★★★
15.33 True or false For a two-sided significance test comparing several means with small samples from highly skewed population distributions, its safer to use one-way ANOVA than a Kruskal-Wallis...

Answered: 1 week ago

Previous QuestionNext Question