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Calculation of Income Tax and Medicare Levy Payable - Desklib

Calculate the income tax payable for different taxpayers based on their taxable income.

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Added on  2022-11-14

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This document provides detailed calculations of income tax and medicare levy payable for the year ended 30th June 2019. It includes solved assignments for taxation law and is a part of the course curriculum for various universities. The document also includes a bibliography for further reference.

Calculation of Income Tax and Medicare Levy Payable - Desklib

Calculate the income tax payable for different taxpayers based on their taxable income.

   Added on 2022-11-14

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Running head: TAXATION LAW
Taxation Law
Name of the Student
Name of the University
Authors Note
Course ID
Calculation of Income Tax and Medicare Levy Payable - Desklib_1
TAXATION LAW1
Answer 1:
Ans -
A Calculation of Income Tax Payable
For the year ended 30th June 2019
Particulars Amount ($)
Taxable Income 15,000
Tax on Taxable Income 0
$0 to $18,200 Exempted
Total Tax Payable $0
Ans -
B Particulars
Amount
($)
Taxable Income 15,000
Tax on Taxable Income
$0 to $90,000 (32.5c for each $1) 4,875
Total Tax Payable 4,875
Ans -
C Particulars
Amount
($)
Taxable Income 15,000
Tax on Taxable Income
Upto $25 million @27.5% 4125
Total Tax Payable 4125
Ans -
D Particulars
Amount
($)
Taxable Income 1,55,000
Tax on Taxable Income
Upto $90,001 – $180,000 ($20,797
plus 37c for each $1 over $90,000) 44,847
Total Tax Payable 44,847
Ans-E Particulars
Amount
($)
Taxable Income 1,55,000
Tax on Taxable Income
Calculation of Income Tax and Medicare Levy Payable - Desklib_2
TAXATION LAW2
Upto $90,001 – $180,000 ($29,250
plus 37c for each $1 over $90,000) 53,300
Ans - F Particulars
Amount
($)
Taxable Income 1,55,000
Tax on Taxable Income
Upto $25 million @27.5% 42625
Total Tax Payable 42625
Particulars
Amount
($)
Ans-
G Taxable Income 2,55,000
Tax on Taxable Income
Upto $180,000 54,097
Over $180,000 ($54,097 plus 45c
for each $1 over $180,000) 33,750
Total Tax Payable 87,847
Particulars
Amount
($)
Ans-H Taxable Income 2,55,000
Tax on Taxable Income
Upto $180,000 62,550
Over $180,000 ($62,550 plus 45c
for each $1 over $180,000) 33,750
Total Tax Payable 96,300
Ans-I Particulars
Amount
($)
Taxable Income 2,55,000
Tax on Taxable Income
Upto $25 million @27.5% 70125
Total Tax Payable 70125
Calculation of Income Tax and Medicare Levy Payable - Desklib_3

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