Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Tom is a cricketer. He works for west union club and has received an annual salary. He also earns bonus for every match he plays.

image text in transcribed

Tom is a cricketer. He works for west union club and has received an annual salary. He also earns bonus for every match he plays. In 2020/21 income year, he earned salary of $65,000 and bonus of $15,000. He also won an award of $55,000 from a TV show as a best player. He got gambling win of $5,000 in addition. Medicare levy was charged. Calculate Tom's assessable income for year 2020/21? 201617 tax rate Taxpayers, who earn over $26,668/y ear, pay a Medicare Levy of 2% of their taxable income

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions