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Tax Laws: Computation of Income Tax, Medicare Levy and Taxable Income

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Added on  2023-06-04

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This article provides solved examples and calculations for computation of income tax, medicare levy and taxable income in Australian tax laws. It also includes information on minimum threshold and allowable deductions. The article is relevant for students studying taxation law in Australia.

Tax Laws: Computation of Income Tax, Medicare Levy and Taxable Income

   Added on 2023-06-04

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Running head: TAX LAWS
Tax Laws
Name of the Student
Name of the University
Authors Note
Course ID
Tax Laws: Computation of Income Tax, Medicare Levy and Taxable Income_1
1TAX LAWS
Table of Contents
Answer to question 1:.................................................................................................................2
Answer to question 2:.................................................................................................................4
Answer to question 3:.................................................................................................................5
Answer to question 4:.................................................................................................................6
Bibliography:..............................................................................................................................7
Tax Laws: Computation of Income Tax, Medicare Levy and Taxable Income_2
2TAX LAWS
Answer to question 1:
A
Particulars Amount ($)
Taxable Income $15000
Tax on taxable Income $0
From $0-$18200 Nil
Total tax payable Nil
B
Particulars Amount ($)
Taxable Income 15000
Tax on taxable Income 4500
Tax rate @30%
Total tax payable 4500
C
Particulars Amount ($)
Taxable Income 155000
Tax on taxable Income
Upto $80000 17547
above $80000 to $155000 27435
Total Tax Payable 44,982.00$
D
Particulars Amount ($)
Taxable Income 155000
Tax on taxable Income 46500
Tax rate @30%
Total tax payable 46500
Computation of Income Tax Payable
For the Year Ended 30 June 2018
For the Year Ended 30 June 2018
Computation of Income Tax Payable
For the Year Ended 30 June 2018
Computation of Income Tax Payable
For the Year Ended 30 June 2018
Computation of Income Tax Payable
Tax Laws: Computation of Income Tax, Medicare Levy and Taxable Income_3

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