None Numeric Entry Carol is 70 years of age and has been an Australian resident her whole life. She is single andhas no dependent children. Carol has received the following income during the year. Gross payments (income statement) $37,720. RFBA (exempt employer) is $15,990. Interest is $3,769. Carol has made apersonal superannuation contribution of $10,000 for which she is entitled to claim a tax deduction. She hasnot claimed any other tax deductions. Calculate the Low Income Tax offset Carol will be entitle to.

Calculating Carol's Low Income Tax OffsetHere's how to calculate the Low Income Tax Offset (LITO)…

Answered: Numeric Entry Carol is 70 years of age…

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter10: Deductions And Losses: Certain Itemized Deductions

Section: Chapter Questions

Problem 2BCRQ

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Numeric Entry Carol is 70 years of age and has been an Australian resident her whole life. She is single and has no dependent children. Carol has received the following income during the year. Calculation Space Taxable Income = 37,720+3,769 = 41,489 Adjusted RFBA = 15,990 X 0.53 =8,475 Super Annuation = 10,000 Rebate Income = 59,964 Gross payments (income statement) $37,720 RFBA (exempt employer) $15,990 Interest $3,769 Carol has made a personal superannuation contribution of $10,000 for which she is entitled to claim a tax deduction. She has not claimed any other tax deductions. Calculate the SAPTO Carol will be entitled to.
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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/
Rabbie is an Australian resident and single. He works as a university lecturer in Brisbane CBD. His assessable income was $ 120,000 and deduction $ 15,000 in Financial Year 2020-2021. He does not have private health insurance. Calculate his tax liability for the 2020-2021 Income Year (Basic Income Tax, Medicare & Medicare Levy) (Please show your working)
During the current year, Seth, a self-employed individual, paid the following taxes: Federal income tax $15,000 State income tax $6,500 Real estate taxes on land in South America (held as an investment) $700 State sales taxes 300 Personal property taxes based upon value $1,600 Federal self-employment tax $ 800 What amount can Seth claim as an itemized deduction for taxes paid during the current year? a.$9,100 b.$10,000 c.$9,900 d.$8,800 e.None of these choices are correct.

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