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Assignment Taxation Law: Payable Income Tax

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Added on  2020-05-28

Assignment Taxation Law: Payable Income Tax

   Added on 2020-05-28

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Running head: TAXTaxName of the Student:Name of the university:Authors Note:
Assignment Taxation Law: Payable Income Tax_1
TAX1Table of ContentsAnswer to Question 1......................................................................................................................2Answer to Question 2......................................................................................................................5Answer to Question 3......................................................................................................................9Answer to Question 4......................................................................................................................9Bibliography..................................................................................................................................11
Assignment Taxation Law: Payable Income Tax_2
TAX2Answer to Question 1a)Calculation of the Income Tax Payable for resident Individualfor the year ended 30 JuneParticularsAmountTaxable Income$18,000.00Tax on Taxable Incomefor first $18200NilIncome Tax PayableNilb)Calculation of the Income Tax Payable for nonresident Individualfor the year ended 30 JuneParticularsAmountTaxable Income$18,000.00Tax on Taxable Incomefor first $87000 (32.5%)$5,850.00Income Tax Payable$5,850.00c)Calculation of the Income Tax Payable for Australian Companyfor the year ended 30 JuneParticularsAmountTaxable Income$18,000.00Tax on Taxable IncomeTax rate @30%$5,400.00
Assignment Taxation Law: Payable Income Tax_3
TAX3Income Tax Payable$5,400.00d)Calculation of the Income Tax Payable for resident Individualfor the year ended 30 JuneParticularsAmountTaxable Income$145,000.00Tax on Taxable IncomeFrom $87001 to $180000 @37%$41,282.00Income Tax Payable$41,282.00e)Calculation of the Income Tax Payable for nonresident Individualfor the year ended 30 JuneParticularsAmountTaxable Income$145,000.00Tax on Taxable Income28275+ (145000-87000)*37%$49,735.00Income Tax Payable$49,735.00f)Calculation of the Income Tax Payable for Australian Companyfor the year ended 30 JuneParticularsAmountTaxable Income$145,000.00Tax on Taxable Income
Assignment Taxation Law: Payable Income Tax_4

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