TASK 4 Note- Please show all workings where necessary and you may use additional space below Please write your workings/explanations and answers in Blue cells *Please Refer to Chapter 8.5 Calculation of Tax Payable Under Income Average Calculate Shaun Mender taxable professional income for the tax year Write your Reasons or Workings (if applicable) Amount Step 1 Divide Total assessable income into Assessable Professional Income - Contract Other assessable income So Step 2 Divide Total taxable income into Taxable Professional income less: Equipment Cost as a Player So Total Assessable Professional Income Other Taxable Income so Less: Travel, Seminar and Study Cost as a Coach So Total Other Taxable Income SO Step 3 Calculate Average Taxable Professional Income Average Taxable Professional Income SO Step 4 Divide total taxable income into Above Average Professional Income Normal Taxable Income Step 5 Calculate tax payable on normal taxable income using ordinary tax rates Tax on Normal Income Step 6 Calculate Tax Payable on normal taxable income plus 1/5 of sum of the above Average Professional Income Step 7 Deduct amount at Step 5 from amount at Step 6 and multiply the difference by 5 Step 8 Calculate total tax payable (ie Add Step 5 and Step 7) Total Tax Payable Medicare levy Less : PAYG Tax Withheld TAX PAYABLE OR TAX REFUNDABLETASK 4 Shaun Mender is a resident taxpayer engaged as a professional basketball player for the South- Eastern Frill Necks. He is covered by adequate private health insurance. During the 2022/23 income year, Shaun had the following transactions: Shaun commenced the year on a contract for an annual salary of $120,000. 0On 31 December 2022, the coach of the team was sacked following 15 successive losses. Shaun was offered, accepted, an additional $50,000 to coach the team for the remainder of the season as well as continue playing. Shaun's 2023 Income Statement disclosed the following: Gross Salary $170,000 PAYG tax withheld $65,800 e Shaun incurred the following deductions during the year: + Deductions for equipment costs incurred as a player - $6,000. Deductions for seminars, travel and home study incurred as a coach - $11,000. Shaun's average taxable professional income from previous years is $80,000. FNSACCB01 Assessment 2 v1.1 50f6 Applied Education REQUIRED: Using the template provided: (a) Calculate Shaun's taxable professional income for the 2022/23 year. (b) Calculate Shaun's other taxable income for the 2022/23 year. (c) Calculate Shaun's net tax payable or refundable for the 2022/23 year