Calculate the tax payable by a resident in Australia with private health insurance and a taxable income of $150,000.
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- Calculate the total Social Security and Medicare tax burden on a sole proprietorship earning 2021 profit of $300,000, assuming a single sole proprietor with no other earned income. (Round your intermediate calculations to the nearest whole dollar amount.)Calculate 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.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.
- 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/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. 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 LiabilityCalculate 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.
- 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.Use the following information and the flow chart from the module to calculate: Adjusted gross income ( AGI) Taxable income Show your work for each calculation to receive full credit. An individual has the following information for the current tax year. Assume they do not itemize and they file as head of household. Income from wages, $80,000 Interest earned on savings, $150 IRA contribution, $5,000 Checking account interest earned, $75 Standard deduction for Head of Household: $20,800 Child and Dependent Care Tax credit, $3,000 Filing status: Head of HouseholdFind the gross income, the adjusted gross income, and the taxable income. Base the taxable income on the greater of a standard deduction or an itemized deduction. Suppose your friend earned wages of $93,950, received $1,310 in interest from a savings account, and contributed $6,500 to a tax-deferred retirement plan. She is entitled to a personal exemption of $4050 and a standard deduction of $6,300. The interest on her home mortgage was $4,700, she contributed $2,300 to charity, and she paid $1,375 in state taxes. A) $95,260; $88,760; $78,410 C) $101,760; $97,710; $91,410 B) $101,760; $97,710; $89,335 D) $95,260; $88,760; $76,335
- Given correct answer general AccountingNet pay refers to the amount of take-home pay after taxes and other deductions (healthcare, social security, retirement, etc.). For the purposes of this project we will assume everyone is an unmarried individual with no children. We will assume your net salary is simply your gross salary($123,031) minus your taxes (that you will calculate using the table below) and all of your gross salary will be considered taxable income. Find your net pay. Show all calculations, including descriptions if necessary. Be sure to use the equation editor and label your final solution. Round your solution to the nearest dollar.Assuming that Greg files as head of household and has an AGI of $205,000. His investment income includes $300 of taxable interest, $500 of dividends, and $5,000 of rental income. From these figures, determine his Medicare contribution tax.
