During the 2021 financial year, Kate (a resident taxpayer) received wages from her employment totaling $65,400. She had no other assessable income and no allowable tax deductions. Her employer made PAYG withholding deductions of $5,400 on her behalf. Required: Calculate the net tax payable / refundable (Ignore Medicare Levy)

During the 2021 financial year, Kate (a resident taxpayer) received wages from her employment totaling $65,400. She had no other assessable income and no allowable tax deductions. Her employer made PAYG withholding deductions of $5,400 on her behalf. Required: Calculate the net tax payable / refundable (Ignore Medicare Levy)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

If a taxpayer works for more than one employer during the year, how much in FUTA taxes is remitted in the name of the taxpayer? Multiple Choice If the employee earns less than $7,000 at the first job, the next employer must remit FUTA taxes until the employee has earned a total of $7,000. If the employee earns more than $7,000 at the first job, all other employers are exempt from paying FUTA taxes for this employee during the year. Only the first employer is required to remit FUTA taxes on the wages earned. Both employers must remit FUTA taxes they pay to the employee on the first $7,000 of wages earned by the employee at each job.
Joey is carrying on a retail business as a sole proprietor. His taxable income for the 2020-21 income year is $115,000. Which of the following calculations will be performed to determine his income tax liability? Disregard the medicare levy and any tax offsets that may apply. O $5,092 + ($115,000 - $45,000) x 0.325 O $29,467 + ($115,000 - $45,000) x 0.325 O $115,000 x 0.325 O $29,467 + ($115,000 - $45,000) x 0.37
Whitney received $76,500 of taxable income in 2022. All of the income was salary from her employer. What is her income tax liability in each of the following alternative situations? Use Tax Rate Schedule for reference. Note: Do not round intermediate calculations. Required: She files under the single filing status. She files a joint tax return with her spouse. Together their taxable income is $76,500. She is married but files a separate tax return. Her taxable income is $76,500. She files as a head of household.
Find the gross income, the adjusted gross income, and the taxable income. Base the taxable income on the greater of a standard deduction or an temized deduction A taxpayer earned wages of $94,600, received $560 in interest from a savings account, and contributed $10,800 to a tax-deferred retirement plan She is entitled to a standard deduction of $18,800. The interest on her home mortgage was $6800, she contributed $9640 to charity, and she paid $2825 in state taxes Her gross income is $ (Simplify your answer)
Calculate the tax payable if an individual taxpayer has the following amounts of taxable income. Include Medicare Levy and Medicare Levy surcharge, where applicable. $17,000 – Non-resident (not a working holiday maker). $95,000 – Non-resident, (not a working holiday maker. $100,000 – Resident, with no private health insurance. $245,000 - Resident; with private health insurance.
Subject - account Please help me. Thankyou.
Calculate the total 2020 tax liability for a surviving spouse with one dependent child with a gross income of $51,800.00, assuming that the taxpayer takes the standard deduction. If the dependent child is under the age of 17 and $3,000.00 was withheld from the taxpayer's wages for federal income taxes, what is the amount of the taxpayer's refund or tax due? Assuming the single parent taxpayer's filing status is Married Filing Jointly or Surviving Spouse, the taxpayer's standard deduction for the 2020 tax year is $ Data table (Click on the following icon in order to copy its contents into a spreadsheet.) Standard Deduction Amounts Filing Status Single Married Filing Jointly or Surviving Spouse Head of Household Married Filing Separately Child Tax Credit in 2020: $2,000 per child Print Done 2020 $12,400 $24,800 $18,650 $12,400 (Enter the amount to the nearest cent.) Click the following link for a standard deduction table: - X
A taxpayer works for a single employer during the year (TY2018) and discovers that they withheld a total of $1,356 in VPDI. What is the amount of the credit that they can claim for this excess on their State return? (Look at the explanation as much as the answer) $0 - They only had a single employer. $0 - That is below the maximum amount and there is no excess. $0 - VPDI has no upper limit, unlike SDI. $206.33 - This is the excess over the $1,149.67 maximum.
In February 2021 Jin (a single taxpayer) filed her 2020 federal income tax return, claiming a refund of $1,200. Jin received the refund in March 2021. Which of the following is true in regards to how that refund will be reflected in Jin's 2021 federal income tax return? Answers: The refund will excluded from gross income. The refund will only be included in gross income if Jin used itemized deductions (including the deduction for relevant taxes) in the prior year. The refund will only be included in gross income if Jin used the standard deduction in the prior year. The refund will definitely be included in gross income, regardless of the details of Jin's prior year return.
Aa.40.
c. Clem paid self-employment tax of $15,300 (the employer portion is $7,650), and Wanda had $3,000 of Social Security taxes withheld from her pay. Deductible amount for AGI
In 2021, Meghann, a single taxpayer, has QBI of $138,400 and modified taxable income of $96,880 (this is also her taxable income before the QBI deduction). Given this information, what is Meghann's QBI deduction? Meghann's QBI deduction is $fill in the blank 1______?