Sally and Sabrina are partners in a shoe business. As Sally works full time in the business,
Fantastic news! We've Found the answer you've been seeking!
Question:
Sally and Sabrina are partners in a shoe business. As Sally works full time in the business, they agree that Sally will receive an annual salary of $50,000, and thereafter, that all profits are to be split 50/50 between them. During the 2019 tax year, business records show the following entries:
Total sales: $640,000
Staff wages & Superannuation: $425,000
Salary payments to Sally: $50,000
Superannuation (Sally): $10,000
Rent and other business expenses incurred: $20,000
Required:
Calculate Sally’s Taxable Income for the 2019 financial year? All calculations must be shown and explained. You must refer to law.
Related Book For
Statistics for Business and Economics
ISBN: 978-0132930192
8th edition
Authors: Paul Newbold, William Carlson, Betty Thorne
Posted Date: