Ned Markson is a resident taxpayer employed by Acme Pty Ltd. The following transactions were all as a consequence of Ned’s employment: Net weekly wages totaled $78,000 for the year. Total PAYG withheld from Ned’s weekly wages from Acme and forwarded to the ATO amounted to $19,000. Additional wages paid to Ned as a Christmas bonus of $6,000 (net of $2,200 PAYG). Reimbursement of out-of-pocket travel costs of $1,200 that Ned incurred during his employment A travel allowance totaling $2,800. No PAYG was withheld from this amount. Acme paid health insurance premiums for Ned and his wife to the value of $2,750. Superannuation contributed $10,000 to Acme holdings superannuation fund on behalf of Ned. For each of these transactions indicate which amounts are to be included in Ned’s assessable income.
Ned Markson is a resident taxpayer employed by Acme Pty Ltd. The following transactions were all as a consequence of Ned’s employment: Net weekly wages totaled $78,000 for the year. Total PAYG withheld from Ned’s weekly wages from Acme and forwarded to the ATO amounted to $19,000. Additional wages paid to Ned as a Christmas bonus of $6,000 (net of $2,200 PAYG). Reimbursement of out-of-pocket travel costs of $1,200 that Ned incurred during his employment A travel allowance totaling $2,800. No PAYG was withheld from this amount. Acme paid health insurance premiums for Ned and his wife to the value of $2,750. Superannuation contributed $10,000 to Acme holdings superannuation fund on behalf of Ned. For each of these transactions indicate which amounts are to be included in Ned’s assessable income.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Ned Markson is a resident taxpayer employed by Acme Pty Ltd. The following transactions were all as a consequence of Ned’s employment:
- Net weekly wages totaled $78,000 for the year.
- Total PAYG withheld from Ned’s weekly wages from Acme and forwarded to the ATO amounted to $19,000.
- Additional wages paid to Ned as a Christmas bonus of $6,000 (net of $2,200 PAYG).
- Reimbursement of out-of-pocket travel costs of $1,200 that Ned incurred during his employment
- A travel allowance totaling $2,800. No PAYG was withheld from this amount.
- Acme paid health insurance premiums for Ned and his wife to the value of $2,750.
- Superannuation contributed $10,000 to Acme holdings superannuation fund on behalf of Ned.
For each of these transactions indicate which amounts are to be included in Ned’s assessable income.
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