After completion of your course, you start working at an accounting and tax office. Julia is...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
After completion of your course, you start working at an accounting and tax office. Julia is your first client. She requires to lodge his income tax for 2021/22. She gave her annual income and deduction below. Calculate her Total Assessable Income, Taxable Income, Tax Liability, Medicare Levy and Medicare Levy Surcharge, if applicable, for the taxpayer (Julia) with the information below: ● ● ● ● ● ● Julia is a resident single mom with two dependent children (7 and 4 years old) taxpayer of Australia for the tax year 2021-2022 Her Taxable Salary earned is $109,000 (Including tax withheld), having no private health insurance. She had a $11,000 deduction. Julia has a student loan outstanding for his previous studies at Sydney University of $35,000. Julia's employer pays superannuation guarantee charge of 10% on top of her salary to her nominated fund. Julia earned a passive income of $7,000 from the investments in shares in the same tax year. Hint: The following website can be used to cross-check your answers, but you need to provide detailed calculations, rates and explanations with screenshots of rates from the ATO website. After completion of your course, you start working at an accounting and tax office. Julia is your first client. She requires to lodge his income tax for 2021/22. She gave her annual income and deduction below. Calculate her Total Assessable Income, Taxable Income, Tax Liability, Medicare Levy and Medicare Levy Surcharge, if applicable, for the taxpayer (Julia) with the information below: ● ● ● ● ● ● Julia is a resident single mom with two dependent children (7 and 4 years old) taxpayer of Australia for the tax year 2021-2022 Her Taxable Salary earned is $109,000 (Including tax withheld), having no private health insurance. She had a $11,000 deduction. Julia has a student loan outstanding for his previous studies at Sydney University of $35,000. Julia's employer pays superannuation guarantee charge of 10% on top of her salary to her nominated fund. Julia earned a passive income of $7,000 from the investments in shares in the same tax year. Hint: The following website can be used to cross-check your answers, but you need to provide detailed calculations, rates and explanations with screenshots of rates from the ATO website.
Expert Answer:
Answer rating: 100% (QA)
Taxable Salary Passive Income Total Assessable Income 7000 109000 116 000 Total Assessable Income De... View the full answer
Related Book For
Auditing a business risk appraoch
ISBN: 978-0324375589
6th Edition
Authors: larry e. rittenberg, bradley j. schwieger, karla m. johnston
Posted Date:
Students also viewed these accounting questions
-
You start working at the age of 20 and you plan to deposit $5000 in savings account every year for next 45 years a) At the end of this time how much money will you have if the interest rate is 5% b)...
-
After completion of your MBA, you have joined Home Textile Startup having secured financials and strong investors and planned to launch a new Product in 7 months under the brand name LIBAS ....
-
You are working at an Accounting firm as a fresh Bookkeeper and Tax preparer Internship trainee. You have done the third week of training hence create a report which divides what you learned at your...
-
On August 31, 2014, Nina Herrera borrowed $5,000 from Second State Bank. Herrera signed a note payable, promising to pay the bank principal plus interest on August 31, 2015. The interest rate on the...
-
Collins Inc's latest net income was 1 million, and it had 200,000 shares outstanding. The company wants to pay out 40% of its income. What dividend per share should the company declare? 1. 1.60 2....
-
1. What is perhaps the most important item shown on the disclosure statement? Explain why. 2. What is included in the finance charge? 3. What is the amount Sophie will receive from the bank? 4....
-
What are the page limitations for memorandum of points and authorities?
-
Tony and Suzie are ready to expand Great Adventures even further in 2022. Tony believes that many groups in the community (for example, Boy Scouts, church groups, civic groups, and local businesses)...
-
9. DERIVATIVES OF TRIGONOMETRIC FUNCTIONS (1) Use the figure given below to draw the following conclusions: sin() < 0 and so, sin(0) <1 for 0 < < 2 (Hint: Show = arc length AB and sin(0) = length...
-
8. Jack Whitcombe and Sons is a consultant engineering firm. The accounts for the firm are as follows. Bank Car Expense HST Recoverable HST Payable J. Whitcombe, Capital J. Whitcombe, Drawings Fees...
-
Suppose that you are required to design a system to track the movement of equipments inside an office building using a wireless or hybrid wireless / wired network. The number of office buildings,...
-
Microeconomics students must present a real-world company or other entity to analyze from a Microeconomics perspective. Grading Rubric : in three equal parts (too short Presentations will have...
-
Abner Corporation's bonds mature in 37 years and pay 7 percent interest annually. If you purchase the bonds for $930, what is your yield to maturity?
-
Sue Li deposited $300.00 into a savings account that compounded interest semi-annually. What nominal annual rate compounded semi-annually was earned on the investment if the balance was $508.10 in...
-
Water, water, everywhere, nor any drop to drink\" is a phrase from the Rime of the Ancient Mariner by Samuel Taylor Coleridge.This poem describes an ocean ship unable to sail to land and running out...
-
The water supply at the Whispering Pines trailer park wascontaminated with the cancer causing compound, arsenic. Theproperty manager is evaluating which water treatment systemequipment to purchase...
-
Investigate the link between efficient communication and stress management. How can leaders use strategic communication to help themselves and their teams recover from stress more quickly, turning...
-
Identify one local business that uses a perpetual inventory system and another that uses a periodic system. Interview an individual in each organization who is familiar with the inventory system and...
-
Consider the payment of individuals working in a factory and who are paid by the hour. According to union contract, they have extensive benefits. Required What are the risks that affect the...
-
Does the auditor primarily serve senior management or the audit committee? If there are conflicts in serving these two different masters, how are they to be resolved?
-
Explain how turnaround documents can improve the controls over the cash receipts process. Does the existence of a turnaround document negate the need to assign a unique identification number to each...
-
Ten students are chosen from a statistics class of 25 students. Let X be the number who got an A in the class. In Exercises 1116, determine whether the random variable X has a binomial distribution....
-
In a college with 5000 students, 100 are randomly chosen to complete a survey in which they rate the quality of the cafeteria food. Let X be the number of freshmen who are chosen. Does X have a...
-
= 0.1, t = 10, P(2) In Exercises 918, determine the indicated probability for a Poisson random variable with the given values of and t.
Study smarter with the SolutionInn App