Question: Calculate Total Assessable Income, Taxable Income, Tax Liability, Student loan (HECS), Medicare Levy, and Medicare Levy Surcharge if applicable, for the taxpayer (Susanne) with the information below:Susanne is a single and an Australian resident plans to lodge a tax return for the tax year 2020 - 2021.Her total taxable income is $90,000 (Including tax withheld).She does not have private health insurance.Susanne has a student loan HECS outstanding for her previous study at Sydney University of $53,000.Her employer pays superannuation guarantee charge of 9.5% on top of her salary to her nominated fund.Susanne earned a passive income of $10,000 from the investments in shares in the same tax year. Hint: The following website can be used to cross-check your answer, but you need to provide the detailed calculations, rates and explanations with the screenshots of rates from the ATO website. https://www.paycalculator.com.au/

Here, Sussane is a single and an Australian resident so, as per the website of ATO the rate of taxes…

Answered: Susanne is a single and an Australian…

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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Question: Calculate Total Assessable Income, Taxable Income, Tax Liability, Student loan (HECS), Medicare Levy, and Medicare Levy Surcharge if applicable, for the taxpayer (Susanne) with the information below:

Susanne is a single and an Australian resident plans to lodge a tax return for the tax year 2020 - 2021.
Her total taxable income is $90,000 (Including tax withheld).
She does not have private health insurance.
Susanne has a student loan HECS outstanding for her previous study at Sydney University of $53,000.
Her employer pays superannuation guarantee charge of 9.5% on top of her salary to her nominated fund.
Susanne earned a passive income of $10,000 from the investments in shares in the same tax year.

Hint: The following website can be used to cross-check your answer, but you need to provide the detailed calculations, rates and explanations with the screenshots of rates from the ATO website. https://www.paycalculator.com.au/

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