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Taxable income for Clarissa

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Taxable income for Clarissa

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Question 1 a solutions;

 
Taxable income for Clarissa is $ 98,350
P.A.Y.G is $ 17,810
The family tax benefit part A for child age bracket of 0 – 12 years is $ 5,504.20 maximum rate per year. And Clarissa has a son who is 10 years old.so she gets the benefit of 5,504.20 annually.
The family tax benefit part A for child age bracket of 13 – 19 is $ 6938.65 maximum rate per year. And Clarissa daughter is of age 14years so she benefits $ 6938.65 annually
Total family tax benefit that Clarissa benefit is $ 5,504.20 + $ 6,938.65 = $ 12442.85
The total expenses for Clarissa is;
Doctors fee in respect of illness - $ 1600
Optical expenses                           - $ 1000
Day surgery for elective               - $ 3100
Cosmetic surgery
Total expenses                              - $ 5700
The claims of medical tax offset;
For 2013/2014 the Medicare levy was surcharged by 1.5% this is 1.5% of the sum of ($ 98350 + $ 12442.85) = $1661.88
For 2014/2015 the Medicare levy was surcharged by 2% this is 2% of the sum of ($ 98350 + $12442.85) = $ 2215.86
Total claims is $ (1661.88 + 2215.86) = $ 3877.74
Net tax payable;
Taxable income = $ 98350.00
Claims                 = $    3877.74
Benefits              = $   12442.86
Total                                                 = $ 114,607.6
Less;
Expense              = $     5700.00
P.A.Y.G                = $   17810.00
NET TAX PAYABLE INCOME           = $ 91,160.6
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