AccountingGary wants you to calculate his personalincome tax liability. He is a tax resident ofAustralia. During the year ended 30 June 2022he received the following:Gross salary and wages of $138,000. Hisemployer deducted from his salary PAYGW taxof $22,523.Interest income of $678 from the ANZ BankInterest of $32 from the BNZ Bank in NewZealand. The $32 is after the New Zealnd TaxAuthorities deducted withholding tax of $5.2O.A dividend of $156 from Rio Tinto.He also spent $250 on text books for his work asan IT engineer.He does not have private hospital cover.Required:Calculate his taxable income and his total taxpayable for the year ended 30 June 2022.

Gary Resident - Australia Year ended - 30/06/2022 Income Details Gross Salaries and Wages- $…

Gary wants you to calculate his personal income tax liability. He is a tax resident of Australia. During the year ended 30 June 2022 he received the following: Gross salary and wages of $138,000. His employer deducted from his salary PAYGW tax of $22,523. Interest income of $678 from the ANZ Bank

Gary wants you to calculate his personal income tax liability. He is a tax resident of Australia. During the year ended 30 June 2022 he received the following: Gross salary and wages of $138,000. His employer deducted from his salary PAYGW tax of $22,523. Interest income of $678 from the ANZ Bank

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Filing Federal Income Tax Return

A tax is the amount of money paid to the government on the revenue earned by the individual or business organization. It acts as an income for the government and an expense for the individual or business organization. There are different regulations regarding filing an income tax return in other countries.

Question

Accounting
Gary wants you to calculate his personal
income tax liability. He is a tax resident of
Australia. During the year ended 30 June 2022
he received the following:
Gross salary and wages of $138,000. His
employer deducted from his salary PAYGW tax
of $22,523.
Interest income of $678 from the ANZ Bank
Interest of $32 from the BNZ Bank in New
Zealand. The $32 is after the New Zealnd Tax
Authorities deducted withholding tax of $5.2O.
A dividend of $156 from Rio Tinto.
He also spent $250 on text books for his work as
an IT engineer.
He does not have private hospital cover.
Required:
Calculate his taxable income and his total tax
payable for the year ended 30 June 2022.

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