Question
Tania is full time student and studied in the university in New England online, her partner has a business in which she has 40% share.
Tania is full time student and studied in the university in New England online, her partner has a business in which she has 40% share. Tania's partner is running the business and hired an assistant for the admin work. Tania has following transactions for the 2019/20 tax year:
1. Interest Income $ 2,500
2. Gross Wages (tax withheld $900) $10,000
3. Share of Partnership Net Income $ 38,000
4. Interest expenses (purchase of partnership) $ 2,000
5. Work related deductions $ 500
Calculate tax payable by Tania?
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To calculate the tax payable by Tania we need to consider her income and deductions for the 201920 t...
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Law Business And Society
Authors: Tony McAdams, Kiren Dosanjh Zucker, Kristofer Neslund, Kari Smoker
13th Edition
1260247791, 978-1260247794
