Question

Terry is a full-time financial adviser. His wage is $62665 and has $22,500 value of shares from a large company which paid 4.5% fully franked dividend. Also, he received a capital gain of $3014 from selling a bond he bought 18 months ago. Terry spent $2,000 on a computer for work only and it can be depreciated over 4 years using a straight-line method (equal amount of depreciation each year). Terry spent $1,500 on a watch he wears everyday at work and $1,200 on a CFA exam. Calculate Terry’s basic tax payable to 2 decimal (number only; no $ or comma).

Answer 1

THE IMAGE OF CALCULATION OF BASIC TAXABLE INCOME PAYABLE ON IS GIVEN:

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