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Three - Assessable Income Bailey is a plumber (aged 52 years) who earned income during the year from various sources. > $45,000 Wages & Salary
Three - Assessable Income Bailey is a plumber (aged 52 years) who earned income during the year from various sources. > $45,000 Wages & Salary > $2,650 Family Tax Benefits > $ 5,000 Army Reserve income > $11,000 PSI income - labour hire > $ 12 Bank interest Calculate Bailey's assessable income amount. Question Ten (a) - Tax Offsets (multiple response) Lionel is 52 years of age and is a single parent. He has two dependent children living with him, twin daughters, Clara and Joanne, aged 17 years. Clara has no income, but Joanne is in receipt of a Disability Support Pension and has received $5,698 during the year. Lionel received the following income - $50,500 Total gross amount from his income statement $ 6,900 Jobseeker payment Lionel also had the following amounts listed on his income statement - $29,990 Reportable fringe benefits amount (exempt employer) $19,300 Reportable employer super contributions He has allowable work related deductions totalling $1,850 and a HELP debt of $5,893. Which of the following tax offsets will Lionel be entitled to? Question Nine - Medicare Levy Lachlan is 46 years of age and is a single parent. He has one dependent child, a Weight: 1 Disability Support Pension for person aged 55 years Item IT3 Family Tax Benefit Not included in return daughter named Rachael who is 22 years of age. She is a full-time student whose only income for the year was Youth Allowance totalling $5,254. Lachlan received the following income - $138,300 Total gross amount from his income statement $ 7,560 Bank interest Lachlan also had the following amounts listed on his income statement - $29,999 Reportable fringe benefits amount (exempt employer) $ 8,500 Reportable employer super contributions He had allowable work related deductions totalling $3,180. Neither he nor Rachael have private health insurance. How much Medicare levy and Medicare levy surcharge will Lachlan be required to pay, if any
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