Question

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.

Q1

Calculate Lisa’s Basic Tax Payable

Calculate Lisa’s Medicare Levy

Calculate Lisa’s Medicare Levy Surcharge

Calculate Lisa’s Net Tax Payable

Answer 1

1) calculation of lisa`s taxable income

ordinary income = $125000 + $25000 + $ 1000

statutory income= $ 43000 + $5000 + $1500

TOTAL ASSESSABLE INCOME $205000

general deduction = $3300

specific deduction = $1000

TOTAL ALLOWABLE DEDUCTION = $(4300)

TOTAL INCOME=$ 196200 (205000- 4300)

2) Lisa’s Medicare Levy ::

total income *2% = $196200*2% = $3924

3) Lisa’s Medicare Levy Surcharge :

total income *1.5% = $196200*1.5% = $2943

4) Net tax payable = $61,387 + $3924 +$2943 = $68254