TAXABLE INCOME / MEDICARE LEVY / TAX PAYABLE OR REFUNDABLE The next four parts require you to calculate taxable income, Medicare levy and tax payable/refundable for Joseph. Joseph is 46 years of age and is a single parent. He has 2 dependent children aged 14 and 16. Both children are fulltime students and have no income. Joseph has earned the following income during the 2019 year. Wages $28,300 $2,480 tax withheld Disability Support Pension $ 2,200 No tax withheld Newstart Allowance $ 8,900 No tax withheld Bank Interest $ 560 Telstra Dividend (Fully franked) $ 245 (Franking Credit $105) Josephs income statement also shows that he has a Reportable Fringe Benefit Amount (from an exempt employer) of $15,000. Joseph has incurred work related expenses of $290, which he can substantiate. He has no other deductions. Neither Joseph nor the children have private health insurance. What is Josephs taxable income for the 2019 year?

$28,815

$39,915

$37,715

$37,820

Hint: 1 Correct answer (s)

Part Two - Continuing on with Joseph What tax offsets will Joseph be entitled to?

Senior and Pensioner Tax Offset (SAPTO)

Low Income Tax Offset (LITO)

Low and Middle Income Tax Offset (LMITO)

Beneficiary Tax Offset (BTO)

Hint: 3 Correct answer (s)

Part Three - Continuing on with Joseph How much Medicare Levy will Joseph pay?

$756.40

$798.30

$0

$576.30

Hint: 1 Correct answer (s)

Part Four - continuing on with Joseph's question What will Josephs tax refund / tax payable be?

$825.79 payable

$69.30 payable

$2,480 refund

$399.45 payable

Hint: 1 Correct answer (s)