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    This document provides instructions and examples for calculating income tax, Medicare levy, and the net amount payable or refundable for 5 individuals for the 2011-12 tax year based on their taxable income and PAYG tax withheld. For each individual, it lists their taxable income and PAYG tax withheld, then shows the step-by-step calculations to determine their gross tax payable, Medicare levy, and whether they are owed a net refund or must pay a net amount.

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    This document provides instructions and examples for calculating income tax, Medicare levy, and the net amount payable or refundable for 5 individuals for the 2011-12 tax year based on their taxable income and PAYG tax withheld. For each individual, it lists their taxable income and PAYG tax withheld, then shows the step-by-step calculations to determine their gross tax payable, Medicare levy, and whether they are owed a net refund or must pay a net amount.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as docx, pdf, or txt
    20 views4 pages

    Dis Learning 1

    Uploaded by

    ABCMARCH
    This document provides instructions and examples for calculating income tax, Medicare levy, and the net amount payable or refundable for 5 individuals for the 2011-12 tax year based on their taxable income and PAYG tax withheld. For each individual, it lists their taxable income and PAYG tax withheld, then shows the step-by-step calculations to determine their gross tax payable, Medicare levy, and whether they are owed a net refund or must pay a net amount.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as docx, pdf, or txt
    of 4

    Prepare Income Tax Returns

    Week-1, Distance education:


    From the following details, calculate the income tax, Medicare levy (if any) and the net amount payable or refundable for the year ended 2011-12 Taxable income $ a) 31,226 b) 34,888 c) 17,200 d) 112,680 e) 57,100 PAYG Tax withheld 2,912 3,329 1,840 12,000 12,453

    Answer a) Taxable income is $31226 and PAYG Tax withhold is $2912 (31226-6000)*15= $3784

    Add: Medicare (31226*1.5%) = $468 Gross Tax Payable Less: AYAG tax withhold Net tax payable $4252 $2912 $1340

    So net tax payable is $1340

    Prepare Income Tax Returns Answer b) Taxable income is $34888 and PAYG Tax withhold is $3329 (34888-6000)*15= $4333

    Add: Medicare (31226*1.5%) =$523 Gross Tax Payable Less: AYAG tax withhold Net tax payable $4856 $3329 $1527

    So net tax payable is $1527

    Answer c) Taxable income is $17200 and PAYG Tax withhold is $1840 (17200-6000)*15= Add: Medicare Gross Tax Payable Less: AYAG tax withhold Net tax Refundable $1680 000 $1680 $1840 (-) $160

    So net tax refundable is $160

    Prepare Income Tax Returns Answer d) Taxable income is $112680 and PAYG Tax withhold is $12000 (112680-80000)*15+17550= $29642 Add: Medicare (31226*2.5%) = $2817 Gross Tax Payable Less: AYAG tax withhold Net tax payable $32459 $12000 $20459

    So net tax payable is $1527

    Answer e) Taxable income is $57100 and PAYG Tax withhold is $12453 (57100-37000)*30%+4650= $10680

    Add: Medicare (57100*1.5%) = $856 Gross Tax Payable Less: AYAG tax withhold Net tax refundable $5506 $12453 (-)$6946

    So net tax refundable is $1527

    Prepare Income Tax Returns

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