SCENARIO A

Answer the questions in the following scenario. Be sure to show all your working.

The scenario is for the 2017/18 financial year. You will need to refer to the Australian Taxation Offices (ATOs) website for the tax rates and the medicare levy. Include the URL reference or a screen shot to demonstrate the information you obtained.

Stevie Slick is a real estate agent. She earn $583 per week plus a commission of 0.5% on properties she sells. In the 2017/18 financial year she sold $3 085 000 worth of property. In 2017/18 she was paid for 52 weeks.

During the financial year she also made a term deposit of $8000 invested for 6 months at a rate of 2.8% pa compounding monthly. The money was withdrawn at maturity.

Stevie is paid a monthly phone allowance of $90.

She has work related travel expenses of $1235 per year.

Stevie has a dependent spouse so is entitled to a tax offset of $580.

Stevie has a $1595 laptop. She estimates she uses it 50% of the time for work purposes. She is able to depreciate the laptop using the straight line method over a three year period and claim the depreciation as a tax deduction. (Assume a scrap value of $0).

1. Calculate the total tax payable by Stevie in the 2017/18 year. Be sure to include the medicare levy. (She does not have to pay the medicare surcharge.)

Standard normal curve 9 1 2 3 4 5 6 7 0.00.0000 0.0040 0.0080 0.0120 0.0160 0.0199 0.0239 0.0279 0.0319 0.0359 4 8 12 16 20 24 28 32 36 0.1 0.0398 0.0438 0.0478 0.0517 0.0557 0.0396 0.0636 0.0675 0.0714 0.0754 4 8 12 16 20 24 28 0.2 0.0793 0.0832 0.08710.0910 0.0948 0.0987 0.1026 0.1064 0.1103 0.11614 8 12 15 19 22 0.3 0.1179 0.1217 0.1255 0.1293 0.1331 0.1368 0.1406 0.1443 0.1480 0.15174 8 11 15 19 22 26 0.4 0.1554 0.1591 0.1628 0.1666 0.1700 0.1736 0.1772 0.1808 0.1844 0.1879 4 7 11 14 18 22 0.5 0.1915 0.1950 0.1985 0.2019 0.2054 0.2088 0.2123 0.2157 0.2190 0.2224 3 7 0.6 0.2258 0.2291 0.2324 0.2357 0.2389 0.2422 0.2454 0.2486 0.2518 0.2549 3 6 0.7 0.2580 0.2612 0.2642 0.2673 0.2704 0.2734 0.2764 0.2794 0.2823 0.28523 6 0.8 0.2881 0.2910 0.2939 0.2967 0.2996 0.3023 0.3051 0.3078 0.3106 0.3133 3 6 0.9 0.3159 0.3186 0.3212 0.3238 0.3264 0.3289 0.3315 0.3340 0.3365 0.3389 3 5 10 14 10 13 9 12 8 11 14 17 8 10 13 15 7 9 6 1.00.3413 0.3438 0.3461 0.3485 0.3508 0.3531 0.3554 0.3577 0.3599 0.36212 5 1.1 0.3643 0.3665 0.3686 0.3708 0.3729 0.3749 0.3770 0.3790 0.3810 0.383024 1.2 0.3849 0.3869 0.3888 0.3907 0.3925 0.3944 0.3962 0.3980 0.3997 0.4015 2 4 1.30.4032 0.4049 0.4066 0.4082 0.4099 0.4115 0.6131 0.4147 0.4162 0.4177 2 3 1.40.4192 0.4207 0.4222 0.4236 0.4251 0.4265 0.4279 0.4292 0.4306 0.43191 3 5 5 4 6 6 8 7 10 8 11 10 1.5 0.4332 0.4345 0,4357 0.4370 0.4382 0.4394 0.4406 0.4418 0.4429 0.4441 1 1.6 0.4452 0.4463 0.4474 0.4484 0.4495 0.4505 0.4515 0.4525 0.4535 0.4545 1 270.4554 0.4564 0.4573 0.4582 0.4591 0.4599 0.4608 0.4616 0.4625 0.4633 1 1.8 0.5641 0.4649 0.4646 0.4666 0.4671 0.4678 0.4686 0.4693 0.4699 0.4706 1 190.4713 0.4719 0.4726 0.4732 0.4738 0.4744 0.4750 0.4756 0.4761 0.4767 1 2 2 2 1 1 4 3 3 2 2 1 2 2. 00.4772 0.4778 0.4783 0.4788 0.4793 0.4798 0.4803 0.4808 0.4812 0.4817 01 2.1 0.4821 0.4826 0.4830 0.4834 0.4838 0.4942 0.4846 0.4850 0.4854 0.4757 1 2.2 0.4861 0.4866 0.4868 0.4871 0.4875 0.4878 0.4881 0.4884 0.4487 0.4890 0 2.3 0.4893 0.4896 0.4898 0.4901 0.4904 0.4906 0.4909 0.4911 0.4913 0.4916 0 2.4 0.4918 0.4920 0.4922 0.4925 0.4927 0.4929 0.4931 0.4932 0.4934 0.4936 0 3 3 1 0 0 3 1 1 1 1 2 1 1 1 2 2 1 1 3 2 2 2 2 2 1 2.5 0.4938 0.4940 0.4941 0.4943 0.4945 0.4946 0.4948 0.4949 0,4951 0.4952 0 0 260.4953 0.4955 0.4956 0.4957 0.4959 0.4960 0.4961 0.4962 0.4963 0.4964 0 0 27 0.4965 0.4966 0.4967 0.4968 0.4969 0.4970 0.4971 0.4972 0.4973 0.4974 0 0 28 0.4974 0.4975 0.4976 0.4977 0.4977 0.4978 0.4979 0.4979 0.4980 0.498100 290.4981 0.4982 0.4982 0.4983 0.4984 0.4984 0.4985 0.4985 0.4986 0.4986 0 0 0 0 0 1 0 0 1 1 0 0 1 1 1 0 0 1 1 1 0 0 1 1 1 0 0 1 1 1 1 0 3.00.4987 0.4987 0.4987 0.4988 0.4988 0.4989 0.4989 0.4989 0.4990 0.499000 3.1 0.4990 0.4991 0.4991 0.4991 0.4992 0.4992 0.4992 0.4992 0.4993 0.499300 3.2 0.4993 0.4993 0.4994 0.4994 0.4994 0.4994 0.4994 0.4995 0.4995 0.4995 0 0 3.3 0.4995 0.4995 0.4995 0.4996 0.4996 0.4996 0.4996 0.4996 0.4996 0.4997 0 0 3: 40.4997 0.4997 0.4997 0.4997 0.4997 0.4997 0.4997 0.4997 0.4997 0.4998 0 0 0 0 0 0 0 0 0 0 0 0 3.5 0.4998 0.4998 0.4998 0.4998 0.4998 0.4998 0.4998 0.4998 0.4998 0.4998 0 0 360.4998 0.4998 0.4999 0.4999 0.4999 0.4999 0.4999 0.4999 0.4999 0.4999 0 0 3.7 0.4999 0.4999 0.4999 0.4999 0.4999 0.4999 0.4999 0.4999 0.4999 0.4999 00 5.8 0.4999 0.4999 0.4999 0.4999 0.4999 0.4999 0.4999 0.4999 0.4999 0.499900 3.9 0.5000 0.5000 0.5000 0.5000 0.5000 0.5000 0.5000 0.5000 0.5000 0.5000 0 0 0 0 0 0 0 0 0 0 Standard normal curve 9 1 2 3 4 5 6 7 0.00.0000 0.0040 0.0080 0.0120 0.0160 0.0199 0.0239 0.0279 0.0319 0.0359 4 8 12 16 20 24 28 32 36 0.1 0.0398 0.0438 0.0478 0.0517 0.0557 0.0396 0.0636 0.0675 0.0714 0.0754 4 8 12 16 20 24 28 0.2 0.0793 0.0832 0.08710.0910 0.0948 0.0987 0.1026 0.1064 0.1103 0.11614 8 12 15 19 22 0.3 0.1179 0.1217 0.1255 0.1293 0.1331 0.1368 0.1406 0.1443 0.1480 0.15174 8 11 15 19 22 26 0.4 0.1554 0.1591 0.1628 0.1666 0.1700 0.1736 0.1772 0.1808 0.1844 0.1879 4 7 11 14 18 22 0.5 0.1915 0.1950 0.1985 0.2019 0.2054 0.2088 0.2123 0.2157 0.2190 0.2224 3 7 0.6 0.2258 0.2291 0.2324 0.2357 0.2389 0.2422 0.2454 0.2486 0.2518 0.2549 3 6 0.7 0.2580 0.2612 0.2642 0.2673 0.2704 0.2734 0.2764 0.2794 0.2823 0.28523 6 0.8 0.2881 0.2910 0.2939 0.2967 0.2996 0.3023 0.3051 0.3078 0.3106 0.3133 3 6 0.9 0.3159 0.3186 0.3212 0.3238 0.3264 0.3289 0.3315 0.3340 0.3365 0.3389 3 5 10 14 10 13 9 12 8 11 14 17 8 10 13 15 7 9 6 1.00.3413 0.3438 0.3461 0.3485 0.3508 0.3531 0.3554 0.3577 0.3599 0.36212 5 1.1 0.3643 0.3665 0.3686 0.3708 0.3729 0.3749 0.3770 0.3790 0.3810 0.383024 1.2 0.3849 0.3869 0.3888 0.3907 0.3925 0.3944 0.3962 0.3980 0.3997 0.4015 2 4 1.30.4032 0.4049 0.4066 0.4082 0.4099 0.4115 0.6131 0.4147 0.4162 0.4177 2 3 1.40.4192 0.4207 0.4222 0.4236 0.4251 0.4265 0.4279 0.4292 0.4306 0.43191 3 5 5 4 6 6 8 7 10 8 11 10 1.5 0.4332 0.4345 0,4357 0.4370 0.4382 0.4394 0.4406 0.4418 0.4429 0.4441 1 1.6 0.4452 0.4463 0.4474 0.4484 0.4495 0.4505 0.4515 0.4525 0.4535 0.4545 1 270.4554 0.4564 0.4573 0.4582 0.4591 0.4599 0.4608 0.4616 0.4625 0.4633 1 1.8 0.5641 0.4649 0.4646 0.4666 0.4671 0.4678 0.4686 0.4693 0.4699 0.4706 1 190.4713 0.4719 0.4726 0.4732 0.4738 0.4744 0.4750 0.4756 0.4761 0.4767 1 2 2 2 1 1 4 3 3 2 2 1 2 2. 00.4772 0.4778 0.4783 0.4788 0.4793 0.4798 0.4803 0.4808 0.4812 0.4817 01 2.1 0.4821 0.4826 0.4830 0.4834 0.4838 0.4942 0.4846 0.4850 0.4854 0.4757 1 2.2 0.4861 0.4866 0.4868 0.4871 0.4875 0.4878 0.4881 0.4884 0.4487 0.4890 0 2.3 0.4893 0.4896 0.4898 0.4901 0.4904 0.4906 0.4909 0.4911 0.4913 0.4916 0 2.4 0.4918 0.4920 0.4922 0.4925 0.4927 0.4929 0.4931 0.4932 0.4934 0.4936 0 3 3 1 0 0 3 1 1 1 1 2 1 1 1 2 2 1 1 3 2 2 2 2 2 1 2.5 0.4938 0.4940 0.4941 0.4943 0.4945 0.4946 0.4948 0.4949 0,4951 0.4952 0 0 260.4953 0.4955 0.4956 0.4957 0.4959 0.4960 0.4961 0.4962 0.4963 0.4964 0 0 27 0.4965 0.4966 0.4967 0.4968 0.4969 0.4970 0.4971 0.4972 0.4973 0.4974 0 0 28 0.4974 0.4975 0.4976 0.4977 0.4977 0.4978 0.4979 0.4979 0.4980 0.498100 290.4981 0.4982 0.4982 0.4983 0.4984 0.4984 0.4985 0.4985 0.4986 0.4986 0 0 0 0 0 1 0 0 1 1 0 0 1 1 1 0 0 1 1 1 0 0 1 1 1 0 0 1 1 1 1 0 3.00.4987 0.4987 0.4987 0.4988 0.4988 0.4989 0.4989 0.4989 0.4990 0.499000 3.1 0.4990 0.4991 0.4991 0.4991 0.4992 0.4992 0.4992 0.4992 0.4993 0.499300 3.2 0.4993 0.4993 0.4994 0.4994 0.4994 0.4994 0.4994 0.4995 0.4995 0.4995 0 0 3.3 0.4995 0.4995 0.4995 0.4996 0.4996 0.4996 0.4996 0.4996 0.4996 0.4997 0 0 3: 40.4997 0.4997 0.4997 0.4997 0.4997 0.4997 0.4997 0.4997 0.4997 0.4998 0 0 0 0 0 0 0 0 0 0 0 0 3.5 0.4998 0.4998 0.4998 0.4998 0.4998 0.4998 0.4998 0.4998 0.4998 0.4998 0 0 360.4998 0.4998 0.4999 0.4999 0.4999 0.4999 0.4999 0.4999 0.4999 0.4999 0 0 3.7 0.4999 0.4999 0.4999 0.4999 0.4999 0.4999 0.4999 0.4999 0.4999 0.4999 00 5.8 0.4999 0.4999 0.4999 0.4999 0.4999 0.4999 0.4999 0.4999 0.4999 0.499900 3.9 0.5000 0.5000 0.5000 0.5000 0.5000 0.5000 0.5000 0.5000 0.5000 0.5000 0 0 0 0 0 0 0 0 0 0