Jason is an Australian tax resident and for the financial year 2019-20, has taxable income of $ 61,000 and reportable super contribution of $ 3,500. Jason also has a Study and Training Support loan (HELP-HECS) from undertaking a University degree. What is Jason's compulsory rate of repayment on this loan?
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Jason is an Australian tax resident and for the financial year 2019-20, has taxable income of $ 61,000 and reportable super contribution of $ 3,500. Jason also has a Study and Training Support loan (HELP-HECS) from undertaking a University degree. What is Jason's compulsory rate of repayment on this loan?
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- Calculate Total Assessable Income, Taxable Income, Tax Liability, Medicare Levy and Medicare Levy Surcharge, if applicable, for the tax payer (James) with information below: James is a resident single tax payer of Australia for the tax year 2019-2020 His Taxable Salary earned is $170,000 (Including tax withheld) having no private health insurance. James has a student loan outstanding for his previous studies at Monash University of $57,000. James’ employer pays superannuation guarantee charge of 9.5% on top of his salary to his nominated fund. James earned a passive income of $15,000 from the investments in shares in the same tax year.Calculate Total Assessable Income, Taxable Income, Tax Liability, Medicare Levy and Medicare Levy Surcharge, if applicable, for the tax payer (James) with information below: James is a resident single tax payer of Australia for the tax year 2019-2020 His Taxable Salary earned is $170,000 (Including tax withheld) having no private health insurance. James has a student loan outstanding for his previous studies at Monash University of $57,000 James’ employer pays superannuation guarantee charge of 9.5% on top of his salary to his nominated fund. James earned a passive income of $15,000 from the investments in shares in the same tax year. QUESTION 2: Income Tax Calculation Weighting Total Assessable Income 2 % Total Taxable Income 2 % HELP repayment amount 2 % Medicare Levy 2 % Medicare Levy Surcharge 2 % Total Tax Liability 3 % Net Tax LiabilityCalculate Total Assessable Income, Taxable Income, Tax Liability, Medicare Levy and Medicare Levy Surcharge, if applicable, for the tax payer (James) with information below: • James is a resident single tax payer of Australia for the tax year 2019-2020 • His Taxable Salary earned is $170,000 (Including tax withheld) having no private health insurance. • James has a student loan outstanding for his previous studies at Monash University of $57,000. • James' employer pays superannuation guarantee charge of 9.5% on top of his salary to his nominated fund. • James earned a passive income of $15,000 from the investments in shares in the same tax year. provide the detailed calculations, rates and explanations with the screenshots of rates from ATO website.
- Calculate Student loan (HECS), Medicare Levy, and Medicare Levy Surcharge if applicable, for the taxpayer (Susanne) with the information below: • Susanne is a single and an Australian resident plans to lodge a tax return for the tax year 2020 - 2021. • Her total taxable income is $90,000 (Including tax withheld). • She does not have private health insurance. • Susanne has a student loan HECS outstanding for her previous study at Sydney University of $53,000. • Her employer pays superannuation guarantee charge of 9.5% on top of her salary to her nominated fund. • Susanne earned a passive income of $10,000 from the investments in shares in the same tax year.Calculate sum as per Australian Taxation Law. • Susanne is a single and an Australian resident plans to lodge a tax return for the tax year 2020 -2021.• Her total taxable income is $90,000 (Including tax withheld).• She does not have private health insurance.• Susanne has a student loan HECS outstanding for her previous study at Sydney University of$53,000. Calculate as rate of 6% year in 2020-21• Her employer pays superannuation guarantee charge of 9.5% on top of her salary to her nominatedfund.• Susanne earned a passive income of $10,000 from the investments in shares in the same tax year. Calculate Total Assessable Income, Taxable Income, Tax Liability, Student loan (HECS), Medicare Levy, nd Medicare Levy Surcharge if applicable, for the taxpayer (Susanne) with the information Above. Please find all value.Calculate Total Assessable Income, Taxable Income, Tax Liability, Student loan (HECS), Medicare Levy, and Medicare Levy Surcharge if applicable, for the taxpayer (Susanne) with the information below, as per australia:• Susanne is a single and an Australian resident plans to lodge a tax return for the tax year 2020 -2021.• Her total taxable income is $90,000 (Including tax withheld).• She does not have private health insurance.• Susanne has a student loan HECS outstanding for her previous study at Sydney University of$53,000.• Her employer pays superannuation guarantee charge of 9.5% on top of her salary to her nominatedfund.• Susanne earned a passive income of $10,000 from the investments in shares in the same tax year
- A new client, Mary, is your first client. She needs to lodge his income tax for 2021/22. She gave her annual income and deduction below. Calculate her Total Assessable Income, Taxable Income, Tax Liability, Medicare Levy and Medicare Levy Surcharge, if applicable, for the taxpayer (Mary) with the information below:• Mary is a resident single mom with one dependent child (4 years old) taxpayer of Australia for the tax year 2021-2022• Her Taxable Salary earned is $110,000 (Including tax withheld) having no private health insurance.• She had a $12,000 deduction. • Mary has a student loan outstanding for his previous studies at Queensland University of $32,000.• Mary’s employer pays superannuation guarantee charge of 9.5% on top of her salary to her nominated fund.• Mary earned a passive income of $5,000 from the investments in shares in the same tax year.Calculate Total Assessable Income, Taxable Income, Tax Liability, Student loan (HECS), Medicare Levy, and Medicare Levy Surcharge if applicable, for the taxpayer (Susanne) with the information below: Susanne is a single and an Australian resident plans to lodge a tax return for the tax year 2020 - 2021. Her total taxable income is $90,000 (Including tax withheld). She does not have private health insurance. Susanne has a student loan HECS outstanding for her previous study at Sydney University of $53,000. Her employer pays superannuation guarantee charge of 9.5% on top of her salary to her nominated fund. Susanne earned a passive income of $10,000 from the investments in shares in the same tax year.Subject : Taxation Theory, Practice and Law Question: Calculate Total Assessable Income, Taxable Income, Tax Liability, Student loan (HECS), Medicare Levy, and Medicare Levy Surcharge if applicable, for the taxpayer (Susanne) with the information below:• Susanne is a single and an Australian resident plans to lodge a tax return for the tax year 2020 -2021.• Her total taxable income is $90,000 (Including tax withheld).• She does not have private health insurance.• Susanne has a student loan HECS outstanding for her previous study at Sydney University of $53,000.• Her employer pays superannuation guarantee charge of 9.5% on top of her salary to her nominated fund.• Susanne earned a passive income of $10,000 from the investments in shares in the same tax year.Hint: The following website can be used to cross-check your answer, but you need to provide the detailed calculations, rates and explanations with the screenshots of rates from the ATO website. https://www.paycalculator.com.au/
- Danish was granted a loan of £10,000 by his employer on 31 March 2020, to help finance the purchase of a yacht. Interest is payable on the loan at 1% p.a. On 1 June 2020, Danish repaid £5,000. What is the assessable loan benefit ?Calculate Total Assessable Income, Taxable Income, Tax Liability, Student loan (HECS), Medicare Levy, and Medicare Levy Surcharge if applicable, for the taxpayer (Susanne) with the information below:• Susanne is a single and an Australian resident plans to lodge a tax return for the tax year 2020 - 2021.• Her total taxable income is $90,000 (Including tax withheld).• She does not have private health insurance.• Susanne has a student loan HECS outstanding for her previous study at Sydney University of$53,000.• Her employer pays superannuation guarantee charge of 9.5% on top of her salary to her nominatedfund.• Susanne earned a passive income of $10,000 from the investments in shares in the same tax year.Hint: The following website can be used to cross-check your answer, but you need to provide the detailed calculations, rates and explanations with the screenshots of rates from the ATO website. https://www.paycalculator.com.au/Calculate Total Assessable Income, Taxable Income, Tax Liability, Student loan (HECS), Medicare Levy, and Medicare Levy Surcharge if applicable, for the taxpayer (Susanne) with the information below: • Susanne is a single and an Australian resident plans to lodge a tax return for the tax year 2020 - 2021. • Her total taxable income is $90,000 (Including tax withheld). • She does not have private health insurance. • Susanne has a student loan HECS outstanding for her previous study at Sydney University of $53,000. • Her employer pays superannuation guarantee charge of 9.5% on top of her salary to her nominated fund. • Susanne earned a passive income of $10,000 from the investments in shares in the same tax year. Hint: The following website can be used to cross-check your answer, but you need to provide the detailed calculations, rates and explanations with the screenshots of rates from the ATO website. https://www.paycalculator.com.a