Medical Levy Payable

Answer to the question number

Gross Assessable Income : According to the Australian Tax Office Gross Asses-sable income refers to that income which is determined after deductions of the tax.

Bonuses, salaries, overtime payments, sales commissions, interest from bank accounts, dividends and income from other investments pensions, rent money that landlords receive are some sort of asses sable income.

Apart from this non asses sable items consist of disability support system, some scholarships, welfare and rent assistance and most child support maintenance. Income of such type are exempt from taxation and non asses sable.

Taxable Income: Income on which you have to pay tax is taxable income. To be more precise when allowable deductions is subtracted from asses sable income gives the taxable income.

Medical Levy Surcharge: The term medical levy surcharge is levied on payers of Australian tax who do not have private hospital cover. Also this is applicable on those who earn above a certain income.

Answer to the question number 

a) $25000

Tax Payable : ($25000- $6000) X .15= $2850

Average Tax Rate:$2850/$25000= 11.4%

b) $ 45000

Tax Payable : {($45000-$30000) X .30} + $ 3600= $8100

Average Tax Rate: $8100/ $45000= 18%

Answer to the question number 

a) $ 8000

Gross Tax Payable : 2500X.15= $ 375

Medical Levy Payable : Not Applicable

b) $ 17000

Goss Tax Payable 11000X.15= $ 1650

Medical Levy Payable: Not Applicable

c)$ 80000

Goss Tax Payable : {(80000 – 75000) * .40 } + 17100= $ 19100 Medical Levy Payable : (80000-20363)* 1.5%= $ 894

Answer to the question number 4

Gross

Allowable

Tax

Tax

Taxable

Medicare

Tax owing

assessable

Deductions

Withheld

Offsets

income

levy

to Tax

income

$

$

$

$

$

Office /

$

refundable

by

Tax Office

STATE

OWING /

REFUND

$

15000

400

1200

200

14600

Refund

$110

32000

350

5800

500

31650

174

Refund

$1205

85000

3000

7000

800

82000

924

Tax Owe

12100

180000

4500

15000

175500

2327

Tax Owe

43575

A)Taxable Income15000-400= 14600

Medical Levy: Not Applicable

Tax Payable : (14600-6000)*.15= 1290

Tax Offset:

(200)

Tax Withheld:

(1200)

Refund

110

B)Taxable Income32000-350= 31650

Medical Levy: ( 31650-20636)* 1.5%= $174

Tax Payable : {(31650-30000)*.30}+3600= $4095

Tax Offset:

(500)

Tax Withheld:

(5800)

C)Taxable Income85000-3000= $82000

Medical Levy: (82000-20363)* 1.5%= $924

Tax Payable : {(82000-75000)*.40}+17100= $ 19900

Tax Offset:

(800)

Tax Withheld:

(7000)

Tax Owe

12100

D)Taxable Income18000-4500= $175500

Medical Levy: (175500-20363)* 1.5%= $2327

Tax Payable : {(175500-15000)*.45}+37100= $ 58575

Tax Withheld:

(15000)

__________________________________________

Tax Owe

43575

Answer to the question number 5 (Assuming per month income)

A) Wages from part-time work (1 July 2007 to 30 November 2007)$1,100 X5 =5500 Interest on savings account (1 July 2007 to 30 November 2007) $250 X 5= 1250

(1 December 2007 to 30 June 2008) $350X7 = 2450

Unemployment benefits

$1,600

Wages from full-time employment

$8,000

Taxable Income $18800

B)According to Australian tax office if any individual is an Australian resident, for tax purposes, the first $ 6000 of your yearly income is not taxed. This is called the tax-free threshold.

C)Tax Payable = (18800 – 6000) * .15 = $ 1920

Answer to the question number 5 (Without any assumptions)

A) Wages from part-time work (1 July 2007 to 30 November 2007)

$1,100

Interest on savings account (1 July 2007 to 30 November 2007)

$250

(1 December 2007 to 30 June 2008)

$350

Unemployment benefits

$1,600

Wages from full-time employment

$8,000

Taxable Income $11300

B)According to Australian tax office if any individual is an Australian resident, for tax purposes, the first $ 6000 of your yearly income is not taxed. This is called the tax-free threshold.

C)Tax Payable = (11300 – 6000) * .15 = $ 795

David Marks

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