Lily is 16 years of age and a school student. She works as a waitress in a

Fantastic news! We've Found the answer you've been seeking!

Question:

Lily is 16 years of age and a school student. She works as a waitress in a restaurant on Saturday and Thursday evenings earning $10,000 in 2020/21. Lily saves her earnings from her employment and earns $150 interest on her savings in 2020/21.

Lily receives two trust distributions during the 2020/21 year, being (a) $2,000 from ABC Family Trust and (b) $5,000 from ABC Deceased Estate.

Question

Explain how these amounts received by Lily in 2020/21 would be taxed.

Related Book For answer-question

Principles of Corporate Finance

ISBN: 978-0072869460

7th edition

Authors: Richard A. Brealey, Stewart C. Myers

See More Books

Posted Date: Feb 10, 2022 11:37 PM

See More Questions

The percentages of adults 25 years of age and older who have completed 4 or more years of college are 23.6% for females and 27.8% for males. A random sample of women and men who were 25 years old or...
In 2018, Max is 85 years of age and single. He received Social Security payments totaling $14,000 (this includes Medicare premium of $600), dividend and interest income of $21,000, a pension of...
Harold Filbert is 30 years of age and his salary next year will be $20,000. Harold forecasts that his salary will increase at a steady rate of 5 percent per annum until his retirement at age 60. a....
kindly interpret the R squared In order to test its job candidates' technical skills, a company creates a timed Excel test (in minutes) to be completed during the interview. The company asks its...
Listed below are questions posed by various users of a company's financial statements. Required Fill in the blank with the financial statement(s) (income statement, balance sheet, statement of...
You are considering an investment in the stock market and have identified two potential stocks (XYZ and ABC) to purchase. The historical returns for the past five years are shown in the table below....
What is the relationship of technology to the information system architecture?
The following selected transactions are from Springer Company. 2012 Nov. 1 Accepted a $ 4,800, 90-day, 8% note dated this day in granting Steve Julian a time extension on his past-due account...
Solve the inequality involving absolute value. Enter the exact answer in interval notation. |x-2+5 13 To enter co, type infinity. To enter U, type U. Show your work and explain, in your own words,...
The file Problem5_9.xlsx contains passing statistics for NFL teams during the 2017 season. Using formulas that do combine INDEX and MATCH in the same cell, return the desired statistics in the range...
Top Oil Corp. (founded in 20X1) has the following year-end inventory balances at end-of-year prices: Price index Ending inventory at year-end prices $437,000 $505,000 $539,000 Year 20X1 20X2 20X3 100...
Ants are capable of chemically discriminating between nestmates and non-nestmates. Ozaki et al. (2005) discovered sensory cells in the antennae of ants that respond only to the cuticular hydrocarbons...
Tom Pryor formed a management consulting firm specializing in cost management systems. Below are the transactions that occurred during the initial month of operation. Pryor consulting uses the...
The amortization and interest schedule on page 692 reflects the issuance of 10-year bonds by Capulet Corporation on January 1, 2009, and the subsequent interest payments and charges. The companys...
Cold Creek Confections issued $$1$,000,000 of 6% bonds on January 1, 20X5. The bonds were issued at 86.15 (note that bonds are frequently priced in increments of 1/32, so this nomenclature is taken...
In Programming Exercise 6 in Chapter 10 you designed the following two programs for the Springfork Amateur Golf Club: Consolidate these programs into a single program that presents a menu, allowing...
Write a python program that should first read in two values from the keyboard, a starting value, and an ending value. It should sum all the even numbers between those two values including the...
Which property determines whether a control is available to the user during run time? a. Available b. Enabled c. Unavailable d. Disabled
You believe that next year the Superannuation Company will pay a dividend of $2 on its common stock. Thereafter you expect dividends to grow at a rate of 4 percent a year in perpetuity. If you...
Axle Chemical Corporations treasurer has forecasted a $1 million cash deficit for the next quarter. However, there is only a 50 percent chance this deficit will actually occur. The treasurer...
a. If the one-year discount factor is .88, what is the one-year interest rate? b. If the two-year interest rate is 10.5 percent, what is the two-year discount factor? c. Given these one- and two-year...
Define a closely held corporation.
Explain the role played by a board of directors of a corporation.
Explain the steps in forming a limited liability corporation.

Lily is 16 years of age and a school student. She works as a waitress in a

Question:

Expert Answer:

Answer Family Trust refers to the creation of fund through the private sources of the members of a ... View the full answer

Principles of Corporate Finance

Students also viewed these accounting questions