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.
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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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.
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