Lisa lives in the country of Snowland. Calculate her taxable income given that: she has a part-time job earning $28,000 per year; she has a casual job earning $6,000 per year; she has $13,000 in a 1 year term deposit that will earn interest at the rate of 5% per year; and she has study expenses of $5,000 per year that are an allowable deduction. Your answer should be calculated to the nearest dollar ($ 0dp).
| Lisa | ||||||
| Taxable Income | ||||||
| Part time Job Earnings | $ 28,000.00 | |||||
| Casual Job Earnings | $ 6,000.00 | |||||
| Term Deposit Interest($13000*6%) | $ 780.00 | |||||
| Total | $ 34,780.00 | |||||
| Less: Study Expenses | $ -4,000.00 | |||||
| Balnce | $ 30,780.00 | |||||
| Less: Standard Deduction in 2018 | $ 12,000.00 | |||||
| Taxable Income in 2018 | $ 18,780.00 | |||||
| Note: | ||||||
| Taxable Income includes | ||||||
| Wages and Salaries(Both Part time and casual) | ||||||
| Interest Received | ||||||
| Study Expenses:Individual can claim qualified eductaion expense for higher education paid during the year for eligible students. | ||||||
| Eligible student includes himself,spouce or dependent. | ||||||
| For individual standard deduction=$12000 in 2018 |
Get Answers For Free
Most questions answered within 1 hours.