Numeric Entry Carol is 70 years of age and has been an Australian resident her whole life. She is single and has no dependent children. Carol has received the following income during the year. Calculation Space Taxable Income = 37,720+3,769 = 41,489 Adjusted RFBA = 15,990 X 0.53 =8,475 Super Annuation = 10,000 Rebate Income = 59,964 Gross payments (income statement) $37,720 RFBA (exempt employer) $15,990 Interest $3,769 Carol has made a personal superannuation contribution of $10,000 for which she is entitled to claim a tax deduction. She has not claimed any other tax deductions. Calculate the SAPTO Carol will be entitled to.
Numeric Entry Carol is 70 years of age and has been an Australian resident her whole life. She is single and has no dependent children. Carol has received the following income during the year. Calculation Space Taxable Income = 37,720+3,769 = 41,489 Adjusted RFBA = 15,990 X 0.53 =8,475 Super Annuation = 10,000 Rebate Income = 59,964 Gross payments (income statement) $37,720 RFBA (exempt employer) $15,990 Interest $3,769 Carol has made a personal superannuation contribution of $10,000 for which she is entitled to claim a tax deduction. She has not claimed any other tax deductions. Calculate the SAPTO Carol will be entitled to.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Numeric Entry
Carol is 70 years of age and has been an Australian resident her whole life. She is single and has no
dependent children. Carol has received the following income during the year.
Calculation Space
Taxable Income = 37,720+3,769
= 41,489
Adjusted RFBA = 15,990 X 0.53
=8,475
Super Annuation = 10,000
Rebate Income = 59,964
Gross payments (income statement) $37,720
RFBA (exempt employer)
$15,990
Interest
$3,769
Carol has made a personal superannuation
contribution of $10,000 for which she is entitled to
claim a tax deduction. She has not claimed any
other tax deductions.
Calculate the SAPTO Carol will be entitled to.
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