Calculate Total Assessable Income, Taxable Income, Tax Liability, Medicare Levy and Medicare Levy Surcharge, if applicable, for the tax payer (Jenny) with information below: Jenny is a resident single mom with one dependent child (7 years old) tax payer 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. Find, 1. Total Assessable Income 2. Total Taxable Income 3. HELP repayment amount

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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QUESTION 2

Calculate Total Assessable Income, Taxable Income, Tax Liability, Medicare Levy and Medicare Levy Surcharge, if applicable, for the tax payer (Jenny) with information below:

  • Jenny is a resident single mom with one dependent child (7 years old) tax payer 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.

Find,

1. Total Assessable Income
2. Total Taxable Income
3. HELP repayment amount
4. Medicare Levy
5. Medicare Levy Surcharge
6. Total Tax Liability
7. Net Tax Liability (Total Tax Liability less any applicable tax offset if any)

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