Calculate the tax payable by a resident in Australia assuming he/she does not have private health insurance with a taxable income of $20,000.
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- Considering the information below, calculate Mary tax liability (including Medicare Levy and Medicare Levy Surcharge, if applicable, and ignore any tax offsets such as LITO and LMITO): Mary is a single non-tax resident (foreign resident) of Australia in the tax year 2018-2019 and has no private health insuranceAssessable income for the year is of $95,000Total deductions for the year are $25,000Calculate Total Assessable Income, Taxable Income, Tax Liability, Medicare Levy and Medicare Levy Surcharge, if applicable, for the tax payer (Judy) with information below: Judy is a resident married, with no children, tax payer of Australia for the tax year 2019-2020 Her Taxable Salary earned is $100,000 while her husband’s taxable income for the same year is $150,000 (Including tax withheld) both having no private health insurance. Judy has a student loan outstanding for her previous studies at University Technology Sydney of $80,000. Judy’s and her husband’s employers pay superannuation guarantee charge of 9.5% on top of their salary to their nominated funds. Judy earned a passive income of $20,000 from the investments in shares in the same tax year.Calculate Total Assessable Income, Taxable Income, Tax Liability, Medicare Levy and Medicare Levy Surcharge, if applicable, for the tax payer (Judy) with information below: Judy is a resident married, with no children, tax payer of Australia for the tax year 2019-2020 Her Taxable Salary earned is $100,000 while her husband’s taxable income for the same year is $150,000 (Including tax withheld) both having no private health insurance. Judy has a student loan outstanding for her previous studies at University Technology Sydney of $80,000. Judy’s and her husband’s employers pay superannuation guarantee charge of 9.5% on top of their salary to their nominated funds. Judy earned a passive income of $20,000 from the investments in shares in the same tax year. Hint: The following website can be used to cross check your answers but you need to provide the detailed calculations, rates and explanations with the screenshots of rates from ATO website. https://www.paycalculator.com.au/
- Under Australia TaxConsidering the information below, calculate Jane tax liability (including Medicare Levy and Medicare Levy Surcharge, if applicable, and ignore any tax offsets such as LITO and LMITO): Jane is a married tax resident of Australia in the tax year 2018-2019 and has no private health insuranceAssessable income for the year is of $195,000Total deductions for the year are $25,000Calculate Total Assessable Income, Taxable Income, Tax Liability, Medicare Levy and Medicare Levy Surcharge, if applicable, for the tax payer (James) with information below: James is a resident single tax payer of Australia for the tax year 2019-2020 His Taxable Salary earned is $170,000 (Including tax withheld) having no private health insurance. James has a student loan outstanding for his previous studies at Monash University of $57,000 James’ employer pays superannuation guarantee charge of 9.5% on top of his salary to his nominated fund. James earned a passive income of $15,000 from the investments in shares in the same tax year. QUESTION 2: Income Tax Calculation Weighting Total Assessable Income 2 % Total Taxable Income 2 % HELP repayment amount 2 % Medicare Levy 2 % Medicare Levy Surcharge 2 % Total Tax Liability 3 % Net Tax Liability
- Calculate Total Assessable Income, Taxable Income, Tax Liability, Medicare Levy and Medicare Levy Surcharge, if applicable, for the tax payer (James) with information below: James is a resident single tax payer of Australia for the tax year 2019-2020 His Taxable Salary earned is $170,000 (Including tax withheld) having no private health insurance. James has a student loan outstanding for his previous studies at Monash University of $57,000. James’ employer pays superannuation guarantee charge of 9.5% on top of his salary to his nominated fund. James earned a passive income of $15,000 from the investments in shares in the same tax year. provide the detailed calculations, rates and explanations with the screenshots of rates from ATO website.Calculate Total Assessable Income, Taxable Income, Tax Liability, Medicare Levy and Medicare Levy Surcharge, if applicable, for the tax payer (Judy) with information below: • Judy is a resident married, with no children, tax payer of Australia for the tax year 2019-2020 • Her Taxable Salary earned is $100,000 while her husband’s taxable income for the same year is $150,000 (Including tax withheld) both having no private health insurance. • Judy has a student loan outstanding for her previous studies at University Technology Sydney of $80,000. • Judy’s and her husband’s employers pay superannuationguarantee charge of 9.5% on top of their salary to their nominated funds. • Judy earned a passive income of $20,000 from the investments in shares in the same tax year.Calculate Total Assessable Income, Taxable Income, Tax Liability, Student loan (HECS), Medicare Levy, and Medicare Levy Surcharge if applicable, for the taxpayer (Susanne) with the information below: Susanne is a single and an Australian resident plans to lodge a tax return for the tax year 2020 - 2021. Her total taxable income is $90,000 (Including tax withheld). She does not have private health insurance. Susanne has a student loan HECS outstanding for her previous study at Sydney University of $53,000. Her employer pays superannuation guarantee charge of 9.5% on top of her salary to her nominated fund. Susanne earned a passive income of $10,000 from the investments in shares in the same tax year.
- Calculate Total Assessable Income, Taxable Income, Tax Liability, Student loan (HECS), Medicare Levy, and Medicare Levy Surcharge if applicable, for the taxpayer (Susanne) with the information below: • Susanne is a single and an Australian resident plans to lodge a tax return for the tax year 2020 - 2021. • Her total taxable income is $90,000 (Including tax withheld). • She does not have private health insurance. • Susanne has a student loan HECS outstanding for her previous study at Sydney University of $53,000. • Her employer pays superannuation guarantee charge of 9.5% on top of her salary to her nominated fund. • Susanne earned a passive income of $10,000 from the investments in shares in the same tax year. Hint: The following website can be used to cross-check your answer, but you need to provide the detailed calculations, rates and explanations with the screenshots of rates from the ATO website. https://www.paycalculator.com.aCalculate Total Assessable Income, Taxable Income, Tax Liability, Medicare Levy and Medicare Levy Surcharge, if applicable, for the taxpayer (Jenny) with information below: Jenny is a resident single mom with one dependent child (7 years old) taxpayer of Australia for the tax year 2019-2020 Her Taxable Salary earned is $120,000 (Including tax withheld) having no private health insurance. Jenny has a student loan outstanding for his previous studies at Queensland University of $32,000. Jenny’s employer pays superannuation guarantee charge of 9.5% on top of her salary to her nominated fund. Jenny earned a passive income of $5,000 from the investments in shares in the same tax year.Question 1 (Marks - 10) Calculate Total Assessable Income, Taxable Income, Tax Liability, Student loan (HECS), Medicare Levy, and Medicare Levy Surcharge if applicable, for the taxpayer (Susanne) with the information below: • Susanne is a single and an Australian resident plans to lodge a tax return for the tax year 2020 - 2021. • Her total taxable income is $90,000 (Including tax withheld). • She does not have private health insurance. • Susanne has a student loan HECS outstanding for her previous study at Sydney University of $53,000. • Her employer pays superannuation guarantee charge of 9.5% on top of her salary to her nominated fund. • Susanne earned a passive income of $10,000 from the investments in shares in the same tax year.