Meghan Royal, is a resident taxpayer aged 57, had the following transactions for the 2017/18 tax year:
Question:
Meghan Royal, is a resident taxpayer aged 57, had the following transactions for the 2017/18 tax year:
RECEIPTS | |
Income Stream Benefit from a taxed superannuation fund (no PAYG tax was withheld) | $ 17,000 |
Gross Wages (PAYG tax withheld $1,500) | 22,000 |
Fully Franked Dividends | 4,900 |
PAYMENTS | |
Private Health Insurance (reduced premium not taken) | 3,000 |
Meghan did not have any deductions.
Meghan also wholly maintained her father Phillip for the whole year. Phillip did not have any adjusted taxable income and was not eligible for any government pensions.
Calculate Meghan’s taxable income
This is my answer for part a
Particular | Amount $ | Amount $ |
Income stream benefit from taxed superannuation fund | $17000 | |
Gross wages | $22000 | |
Fully franking dividends | $7000 | |
Total taxable income | $46000 |
b) Net tax payable for the 2017/18 tax year. I only need help with this part because part a I already done it right
This is part b answer to completed answer
Taxable income is $46,000 Tax on taxable income = 3,572 + 32.5% * ($46,000 - 37,000) = Add medicare levy : 2% * $46,000 = Less : PAYG tax withheld = $1,500 Less : low tax income offset = 445 –(1.5%* (46,000-37,000)) = 310 |
Financial Accounting A User Perspective
ISBN: 978-0470676608
6th Canadian Edition
Authors: Robert E Hoskin, Maureen R Fizzell, Donald C Cherry