Question

Based on taxation in accounting

Lisa has sent through the following information. Can you pull this together with what you have examined already so we can have a tax estimate ready to go.

• Wages (Melbourne employment) - $125,000 net wages, PAYG withheld of $43,000 plus a bonus of $5,000 was paid.
• Wages (Darwin employment) - $25,000 net wages, PAYG withheld of $1,500
• Interest income $1,000
• Allowable general deductions $3,300
• Allowable specific deductions $1,000
• Lisa is single with no private health insurance.
• Lisa has no reportable fringe benefits or reportable superannuation contributions.
• Has a net capital gain of $558020

Calculate Lisa’s Taxable Income. Show all workings

Hint: You can use the following format:

Ordinary Income	$X
Statutory Income	$X
Total Assessable Income	$X
General Deductions	$X
Specific Deductions	$X
Total Allowable Deductions	$X
Taxable Income	$X

Q2: Calculate Lisa’s Basic Tax Payable. Show all workings.

Q3: Calculate Lisa’s Medicare Levy. Show all workings

Q4: Calculate Lisa’s Medicare Levy Surcharge. Show all workings

Q5: Calculate Lisa’s Net Tax Payable. Show all workings.

Answer 1