Question
Unused Annual Leave (post 17/8/93) $6,800 Taxable Income ????? Severance Payment (including $31255 PAYG tax withheld) $167,000 Tax on Taxable Income ???? Reportable Fringe Benefit
| Unused Annual Leave (post 17/8/93) | $6,800 | Taxable Income | ????? | |
| Severance Payment (including $31255 PAYG tax withheld) | $167,000 | Tax on Taxable Income | ???? | |
| Reportable Fringe Benefit (the club allowed Sid to keep some air tickets) | $9,300 | Life Benefit ETP Tax Offset | ???? | |
| Gross salary during the year up until the date of termination (PAYG tax withheld 41000) | $120000 | Medicare Levy | ???? | |
| No private health insurance, no dependent children | Surcharge | ???? | ||
| Sid Gallen is a single resident taxpayer aged 59. It was mutually agreed that his appointment as head coach of the Lesser Eastern Sydney AFL team would be terminated. On termination, Sid received the above mentioned. Work out the columns on the right. | PAYG Tax Withheld | $ 72,255.00 | ||
| Tax payable | ???? | |||
| Can you find the answer to this question? |
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Income Tax Fundamentals 2013
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
31st Edition
1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516
