A client of many years provides this information for you to complete his current tax return. Income Employer: Reliance Imports Gross salary $ 87,500 Allowances Allowance for company logo clothing $1,250 Interest from term deposit A/C #123456 $400 Tax withheld $20,325 Allowable work deductions $7,450 (receipts and log book supplied) Union fees $450 Dry cleaning of work clothing $150 Non-working spouse and no children Private health membership was cancelled on July 1st of the income year Use the table and the information provided for 2016-17 to calculate the taxpayer’s taxable income and the liability for income tax. Provide reasons for your treatment. Taxable income Tax on this income 0 - $18,200 Nil $18,201 - $37,000 19c for each $1 over $18,200 $37,001 - $87,000 $3,572 plus 32.5c for each $1 over $37,000 $80,001 - $180,000 $19,822 plus 37c for each $1 over $87,000 $180,000 and over $54,232 plus 45c for each $1 over $180,000 These rates do not include the Medicare levy of 2%, or the Medicare Levy Surcharge which is calculated at the rate of 1% of taxable income. Required: Grosssalary $ 87,500Allowances Allowance for company logo clothing $1,250Interest from term deposit A/C #123456$400Tax withheld$20,325Allowable work deductions$7,450 (receipts and log book supplied)Union fees$450Dry cleaning of work clothing$150
A client of many years provides this information for you to complete h
A client of many years provides this information for you to complete his current tax return. Income Employer: Reliance Imports Gross salary $ 87,500 Allowances Allowance for company logo clothing $1,250 Interest from term deposit A/C #123456 $400 Tax withheld $20,325 Allowable work deductions $7,450 (receipts and log book supplied) Union fees $450 Dry cleaning of work clothing $150 Non-working spouse and no children Private health membership was cancelled on July 1st of the income year Use the table and the information provided for 2016-17 to calculate the taxpayer’s taxable income and the liability for income tax. Provide reasons for your treatment. Taxable income Tax on this income 0 - $18,200 Nil $18,201 - $37,000 19c for each $1 over $18,200 $37,001 - $87,000 $3,572 plus 32.5c for each $1 over $37,000 $80,001 - $180,000 $19,822 plus 37c for each $1 over $87,000 $180,000 and over $54,232 plus 45c for each $1 over $180,000 These rates do not include the Medicare levy of 2%, or the Medicare Levy Surcharge which is calculated at the rate of 1% of taxable income. Required: Grosssalary $ 87,500Allowances Allowance for company logo clothing $1,250Interest from term deposit A/C #123456$400Tax withheld$20,325Allowable work deductions$7,450 (receipts and log book supplied)Union fees$450Dry cleaning of work clothing$150
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