Answered step by step
Verified Expert Solution
Question
1 Approved Answer
This question is about the taxes payable by Julie Ryan for the 20222023 income year: Julie is an Australian resident individual. Julie is aged 23,
This question is about the taxes payable by Julie Ryan for the 20222023 income year: Julie is an Australian resident individual. Julie is aged 23, she is single, and she works as a sales assistant at a large Brisbane retailer. Her employer withheld PAYG totalling $7,000 and remitted the amount to the ATO on her behalf. Julie does not have private health cover. This is Julies taxable income calculation:
$
Salary, s 6-5 ITAA97, income from employment
56,900
Tax deduction for voluntary personal contribution to superannuation, s 290-150 ITAA97
(3,450)
Taxable income
53,450
You are required to select one answer from the alternatives which is the single, correct or nearest correct answer:
Julies basic income tax payable totals $7,838.25. Her Medicare Levy due totals $1,138.00. Julie is entitled to tax offsets totalling $7,000.
Julies basic income tax payable totals $7,838.25. Her Medicare Levy due totals $1,069.00. Julie is entitled to tax offsets totalling $198.25.
None of the available alternatives.
Julies basic income tax payable totals $7,838.25. Her Medicare Levy due totals $1,069.00. Julies Income for Surcharge Purposes totals $53,450.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started