Financial Planning Tax Question (1 Viewer)

[RabbitRabbit]

I'm stuck on this question Can anyone help?

Qn.
Richard is a single wage earner with income for the current year of $80 000. He has also received dividend income from fully franked shares of $1 000. Work related expenses are $1 400 and PAYG tax paid is $20 000. Calculate his net tax payable (including Medicare levy) and refund or amount due. Assume Richard has private health insurance.


Thanks!

 

[deakin2009]

it will change depending on what tax table you use obviously. going on this years tax rates
assessable income = 80000
plus franked shares 1000
plus franking cr (1000*(.3/.7) 428.57

less deductions 1400

total assessable income 80028.57

tax payable 80028.57 - 80000 = 28.57*.40 = 11.43+18000 =

18011.43
plus m/c levy 1200.43

tax payable 19211.86

less credit 428.57

total 18783.29

refund 20000-18783.29 = 1216.71