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.
Q1: 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.
Based on taxation in Accounting Lisa has sent through the following information. Can you pull this...
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 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...
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) -...
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...
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...
You are to prepare a tax return using the following information. You will need to use Form 1040, Schedule B if applicable, you determine (Read requirements in text). John Brown, age 53, (social security number 554-78-4556) is single and is supporting his 18 year old son, David (social security number 444-55-7777). David is a student at MirMonte High School. They live in a rented home at 1245 West 5Th Street, Coalinga, CA. John is employed as a engineer and received...
Comprehensive Problem 6-52 (LO 6-1, LO 6-2, LO 6-3) [The following information applies to the questions displayed below.] Read the following letter and help Shady Slim with his tax situation. Please assume that his gross income is $172,900 (which consists only of salary) for purposes of this problem. December 31, 2019 To the friendly student tax preparer: Hi, it’s Shady Slim again. I just got back from my 55th birthday party, and I’m told that you need some more information...