Question
Stevie Slick is a real estate agent. She earn $583 per week plus a commission of 0.5% on properties she sells. In this financial year
Stevie Slick is a real estate agent. She earn $583 per week plus a commission of 0.5% on properties she sells. In this financial year she sold $3 085 000 worth of property and worked 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 The money was withdrawn at maturity.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).
- Determine Stevies taxable income for the current financial year.
- Calculate the total tax payable by Stevie in the current financial year. Be sure to include the medicare levy. (She does not have to pay the medicare surcharge.)
- Stevie has paid $198.50 per week in tax instalments through the PAYG system. Will Stevie get a tax refund or a tax bill from the ATO? How much will it be?
- Next year, Stevies boss is altering her work conditions and she wont earn a commission. However, her weekly pay will increase to $880. Will Stevie have to pay more tax or less tax than this year? What is the percentage difference in tax? (Assume all other conditions are the same and use the current financial year tax table).
Stevie Slick is a real estate agent. She earn $583 per week plus a commission of 0.5% on properties she sells. In this financial year she sold $3 085 000 worth of property and worked 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 The money was withdrawn at maturity.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).
- Determine Stevies taxable income for the current financial year.
-
- Calculate the total tax payable by Stevie in the current financial year. Be sure to include the medicare levy. (She does not have to pay the medicare surcharge.)
-
- Stevie has paid $198.50 per week in tax instalments through the PAYG system. Will Stevie get a tax refund or a tax bill from the ATO? How much will it be?
-
- Next year, Stevies boss is altering her work conditions and she wont earn a commission. However, her weekly pay will increase to $880. Will Stevie have to pay more tax or less tax than this year? What is the percentage difference in tax? (Assume all other conditions are the same and use the current financial year tax table).
Stevie Slick is a real estate agent. She earn $583 per week plus a commission of 0.5% on properties she sells. In this financial year she sold $3 085 000 worth of property and worked 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).
- Determine Stevies taxable income for the current financial year.
-
- Calculate the total tax payable by Stevie in the current financial year. Be sure to include the medicare levy. (She does not have to pay the medicare surcharge.)
-
- Stevie has paid $198.50 per week in tax instalments through the PAYG system. Will Stevie get a tax refund or a tax bill from the ATO? How much will it be?
-
- Next year, Stevies boss is altering her work conditions and she wont earn a commission. However, her weekly pay will increase to $880. Will Stevie have to pay more tax or less tax than this year? What is the percentage difference in tax? (Assume all other conditions are the same and use the current financial year tax table).
Stevie Slick is a real estate agent. She earn $583 per week plus a commission of 0.5% on properties she sells. In this financial year she sold $3 085 000 worth of property and worked 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).
- Determine Stevies taxable income for the current financial year.
-
- Calculate the total tax payable by Stevie in the current financial year. Be sure to include the medicare levy. (She does not have to pay the medicare surcharge.)
-
- Stevie has paid $198.50 per week in tax instalments through the PAYG system. Will Stevie get a tax refund or a tax bill from the ATO? How much will it be?
-
- Next year, Stevies boss is altering her work conditions and she wont earn a commission. However, her weekly pay will increase to $880. Will Stevie have to pay more tax or less tax than this year? What is the percentage difference in tax? (Assume all other conditions are the same and use the current financial year tax table).
Stevie Slick is a real estate agent. She earn $583 per week plus a commission of 0.5% on properties she sells. In this financial year she sold $3 085 000 worth of property and worked 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).
- Determine Stevies taxable income for the current financial year.
-
- Calculate the total tax payable by Stevie in the current financial year. Be sure to include the medicare levy. (She does not have to pay the medicare surcharge.)
-
- Stevie has paid $198.50 per week in tax instalments through the PAYG system. Will Stevie get a tax refund or a tax bill from the ATO? How much will it be?
-
- Next year, Stevies boss is altering her work conditions and she wont earn a commission. However, her weekly pay will increase to $880. Will Stevie have to pay more tax or less tax than this year? What is the percentage difference in tax? (Assume all other conditions are the same and use the current financial year tax table).
Stevie Slick is a real estate agent. She earn $583 per week plus a commission of 0.5% on properties she sells. In this financial year she sold $3 085 000 worth of property and worked 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).
- Determine Stevies taxable income for the current financial year.
-
- Calculate the total tax payable by Stevie in the current financial year. Be sure to include the medicare levy. (She does not have to pay the medicare surcharge.)
-
- Stevie has paid $198.50 per week in tax instalments through the PAYG system. Will Stevie get a tax refund or a tax bill from the ATO? How much will it be?
-
- Next year, Stevies boss is altering her work conditions and she wont earn a commission. However, her weekly pay will increase to $880. Will Stevie have to pay more tax or less tax than this year? What is the percentage difference in tax? (Assume all other conditions are the same and use the current financial year tax table).
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