Question

Lisa lives in the country of Snowland. Calculate her taxable income given that: she has a...

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).

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Answer #1
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
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