Joey is carrying on a retail business as a sole proprietor. His taxable income for the 2020-21 incomeyear is $115,000.Which of the following calculations will be performed to determine his income tax liability? Disregard themedicare levy and any tax offsets that may apply.O $5,092 + ($115,000 - $45,000) x 0.325O $29,467 + ($115,000 - $45,000) x 0.325O $115,000 x 0.325O $29,467 + ($115,000 - $45,000) x 0.37

The Australian tax year runs from 1 July to 30 June. However, a corporation may apply to adopt a…

Answered: Joey is carrying on

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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