Taxable Income / Medicare Levy / Tax Payable or Refundable

The next 4 questions require you to calculate taxable income, Medicare levy and tax payable/refundable for John.

Part 1 - What is John ’s taxable income for the 2020 year?

Part 2 - What tax offsets will John be entitled to?

Part 3 - How much Medicare Levy (including Medicare levy surcharge if applicable) will John pay?

Part 4 - What will John’s compulsory HELP Debt Repayment be?

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See image below for full details relating to John and Mervyn 

John is 46 years of age and is a single parent. He has 1 dependent child, Mervyn. Mervyn is 22 years of age and is a full-time student. His only income for the 2020 year was Youth Allowance of $7,882. John has earned the following income during the 2020 year. $46,300 $ 1,200 $ 5,400 Bank Interest $ 560 Telstra Fully Franked Dividend $ 350 Wages Disability Support Pension Newstart Allowance $7,100 tax withheld No tax withheld No tax withheld (Franked Dividend $245 + Franking Credit $105) Additional Information from John's Income Statement: Reportable Fringe Benefit Amount (from an exempt employer) Reportable Employer Superannuation Contribution $29,999 $10,000 John has incurred work related expenses of $290, which he can substantiate. He has no other deductions. John has a HELP Debt of $13,899. Neither John nor Mervyn have private health insurance.