Question
RodneyReelisaresidenttaxpayeraged16.Rodneyiscurrentlyengagedinfull-timestudyathighschool.Duringthe2021/22taxyear,Rodneyreceived the followingamounts: GrossWagesfrompart-timeemploymentatKFC 6400 Interestfromtermdeposit givento Rodney byhisparents 850 Interestfrombankaccountcomprisingsavingsfrompart- timewages 25 Incomedistribution fromdeceased estate 3700 Income distributionfromfamilytrust 10000 Businessincomederivedfrommowinglawnsforlocalresidents 2840 Required: CalculateRodney's exceptedassessableincome
RodneyReelisaresidenttaxpayeraged16.Rodneyiscurrentlyengagedinfull-timestudyathighschool.Duringthe2021/22taxyear,Rodneyreceived the followingamounts:
GrossWagesfrompart-timeemploymentatKFC 6400
Interestfromtermdeposit givento Rodney byhisparents 850
Interestfrombankaccountcomprisingsavingsfrompart- timewages 25
Incomedistribution fromdeceased estate 3700
Income distributionfromfamilytrust 10000
Businessincomederivedfrommowinglawnsforlocalresidents 2840
Required:
- CalculateRodney's exceptedassessableincome forthe2021/22 taxyear.
- Atwhatrateisexceptedassessableincometaxed?
- CalculateRodney'seligibleassessableincomeforthe2021/22taxyear.
- Atwhatrateiseligibleassessableincometaxed?
- Isthecalculationofaminor'sMedicareLevyaffectedbytheireligible
andexceptedincome?
- Isthecalculationofaminor'slowincometaxoffsetaffectedbytheireligibleandexceptedincome?
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Fundamental Managerial Accounting Concepts
Authors: Edmonds, Tsay, olds
6th Edition
71220720, 78110890, 9780071220729, 978-0078110894
