Michelle, a single nurse at the local hospital (with no dependants) received $105,000 in wages and a
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Question:
Michelle, a single nurse at the local hospital (with no dependants) received $105,000 in wages and a $5,000 fully franked dividend. She has work related expenses of $2,000 and is also undertaking a floristry course as she enjoys making floral arrangements for her home and friends. She paid $1,000 for this floristry course.
Michelle has no private health insurance.
Calculate the tax payable for Michelle.
Your response should include calculations to show:
- Assessable income
- Deductions
- Taxable income
- Income tax payable
- Medicare levy
- Tax offsets
- Final income tax payable/refundable
Round all figures to the nearest whole dollar.
Income | |
Salary | |
Allowance | |
Other income | |
Dividends | |
Imputation credits | |
Capital gain | |
Less Exempt Income | |
Assessable Income | |
Less: Deductions | |
Work related expenses | |
Disallowed deductions | |
Taxable Income | |
Income tax payable | |
Less Tax Offsets | |
Imputation credit | |
Income Tax Payable | |
Plus: Medicare Levy | |
Plus: Medicare Levy Surcharge | |
Total Income Tax Payable |
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date: