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Manpreet Kaur a 45 years old employee (Resident Individual) that...

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Manpreet Kaur a 45 years old employee (Resident Individual) that...

Manpreet Kaur a 45 years old employee (Resident Individual) that have annual salary of $98,000 during Tax Year 20-21, where she also received a fully franked dividend from resident public company for the amount of $6,300. Manpreet got some eligible deductions for the year to the amount of $5,800. Manpreet has private insurance cover during the year. Manpreet has paid tax during the year on Manpreet's salary for the amount of $27,500 (PAYG). Manpreet also still have HELP loan balance ($15,000) that Manpreet still needs to pay. 


Based on the above information, what will be Manpreet tax payable/refund for the year 20-21 tax year?

Please take account on Medicare Levy, Medicare Levy Surcharge, PAYG, and HELP's repayment

Resident tax rates 2020-21

Taxable icome tax on this income

0-$18,200 Nil

$18,201 -$45000 19 cents for each $1 over $18,200

$45,001- $ 120,000 $5,092 plus 32.5 cents for each $1 over$4500

$120,001-$180000 $29,467+ 37 cents for each $1 over $120000

$180,001 and over $51,667 +45 cents for each $1 over $180,000.

Answer & Explanation

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Answered by paulbryanf on coursehero.com

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Step-by-step explanation

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Other answer

Answered by obiacatherine on coursehero.com

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Step-by-step explanation

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