Taxable Income - Questions
Gene is a computer programmer who is paid $2246 per fortnight. He also made $13540 this financial year from an iphone app that he made.
i) Calculate his gross income this financial year
ii) He had yearly tax deductions totalling $5 608, what is his taxable income this financial year?
Richard works as a computer technician and earns $ 67 000 p.a. Richard claims deduction of $200 for tools, $100 for his uniform, $5 per week for dry-cleaning his uniform, $60 per month for work related calls and $210 per quarter for electricity costs (he fixes the computers at home).
i) Calculate Richard’s total deductions
ii) Calculate Richard’s taxable income
Alan uses the following information to calculate his taxable income: wage $48200, bank interest $460, Bonus $500, tax agent fee $240, work related costs $2400. Calculate
(i) Alan's gross income
(ii) Alan's allowable deductions
(iii) Alan's taxable income
Anthea works as a receptionist and earns a gross fortnightly pay of $2140. She pays PAYG tax of $480 per fortnight and has work related tax deductions of $740.
(i) what is Anthea's gross yearly income?
(ii) How much tax is deducted yearly?
(iii) What is Anthea's taxable income?