On Thursday, Ahmed sends you the following email with further information on Lisa’s circumstances.
From: Ahmed Sent: Thursday, 17 September 2020, 11:23AM
Subject: Lisa Eastwood – additional information
Good morning, 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.
Again, I need this by the end of Friday. Ahmed. Senior Accountant M&M Tax Accountants
Required: You are required to calculate Lisa’s taxable income and net tax payable for the year ending 30 June 2020 based on the above information provided, as well as the information in Part A of this assessment task. In doing so, you must present an accurate and complete analysis.
Please complete the following subset of FIVE questions to complete this part.
1. 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
2. Calculate Lisa’s Basic Tax Payable. Show all workings.
3. Calculate Lisa’s Medicare Levy. Show all workings.
4. Calculate Lisa’s Medicare Levy Surcharge. Show all workings.
5. Calculate Lisa’s Net Tax Payable. Show all workings.
On Thursday, Ahmed sends you the following email with further information on Lisa’s circumstances. From: Ahmed...
PART B On Thursday, Ahmed sends you the following email with further information on Lisa’s circumstances. From: Ahmed Sent: Thursday, 17 September 2020, 11:23AM Subject: Lisa Eastwood – additional information Good morning, 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...
Based on taxation in accounting Lisa from Australia 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...
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...
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...
Your line manager, Ahmed, has sent you the following email late on Wednesday just as you are about to finalise your timesheet and head to a monthly tax-update webinar: From: Ahmed Sent: Wednesday, 16 September 2020, 3:58PM Subject: URGENT: Lisa Eastwood meeting scheduled, task assigned Good afternoon, I have just spoken with Lisa Eastwood (new client) over her tax position for the current tax year. I will be getting further documentation tomorrow; however, I need you to examine my notes...
(Assessable Income - Income from various sources) During the 2017/18 tax year, Selina Matterson (a single resident taxpayer, aged 41) has the following receipts: • Net salary (after $18,000 PAYG tax withheld) $55,000 • Fully franked dividend from PPP Ltd $9,800 (with franking credit $4,200) • Unfranked dividend from QQQ Ltd $900 • Net interest received $954 (after $846 no TFN tax withheld) • Selina had no deductions • She was covered by private hospital insurance Required: Selina’s Calculate taxable...
Based on the following information, what is the tax payable by or tax refund due to a single, resident taxpayer at the end of the 2018-2019 income year: 1.1 Interest received from a bank savings account, $450. Gross salary from employment, $50,000 PAYG on salary withheld by employer, $8,000. The taxpayer has sufficient private patient hospital insurance during the income year The taxpayer is 29 years old. . a. b. c. d. $8,000.00 refund $709.00 tax payable $56.75 refund $179.00...
TAXATION LAW- AUSTRALIA QUESTION 2 (10 MARKS) Anushka (an Australian Tax resident) works as an employee for a child care centre, Brilliant Kids Pty Ltd, on a permanent part-time basis while she runs her business as a day carer for her own customers. Meanwhile, she invested some of her extra cash in some shares on the ASX and in an Australian private company. Listed below is the summary of her earnings for the year ended 30 June 2020. Particulars Net...
Anushka (an Australian Tax resident) works as an employee for a child care centre, Brilliant Kids Pty Ltd, on a permanent part-time basis while she runs her business as a day carer for her own customers. Meanwhile, she invested some of her extra cash in some shares on the ASX and in an Australian private company. Listed below is the summary of her earnings for the year ended 30 June 2020. Particulars $ Net Salary Received from Brilliant Kids for...
Given the following information, complete the attached forms for the 2020 1040 tax return. Tim and Mandy Sanders, MFJ taxpayers, both 50 years old, 2 qualified dependent children over the age of 17—Sarah and Brian. Total wages earned for the married couple: $65,000. Federal Income Tax Withheld by employer: $8,500. No reportable wages for the children. Taxable Interest: $1,200 Tax-Exempt Interest: $1,350 Social Security Benefits received by Mandy: $21,000. No Federal Income Tax Withheld Total Itemized deductions: $11,400 All were...