6.3.14 TAX class homework

nicoleac

Individual Tax Return

Exercise 1
Fred works as a wait person in Italian restaurant and provided you with the following income details. Input all income into MYOB AO and write down Fred’s net tax payable or refundable (you can find it on the A4 tab on Excel). Assume no expenses deductions. All amounts are GST included.

Income Details        $
Gross Wages (PAYG withheld $5,480)         26,000
Tips from customers        500
Interest from Commonwealth bank        2
Interest from NAB        300
Net Dividend received from BHP Ltd (Franking credits $30)        70


Exercise 2
The following information is provided by Chang who works as an accountant. Identify assessable income and calculate net tax payable or refundable (you can find it on the A4 tab on Excel). Assume no deductions. All amounts are GST included.

Income Details        $
Gross Wages (PAYG withheld $16,200) from NAB        49,000
Gross wages (PAYG withheld $4,000) from CBA        12,900
Gross Dividend received from CCC Ltd (Franking credits $120)        280


Exercise 3
The following information is provided by Jim who works as a cashier at Coles during days and works at Dominos as a Pizza delivery person at nights. Write down net tax payable or refundable (you can find it on the A4 tab on Excel)

Income details        $
Gross Wages (PAYG withheld $4,240) from Coles         21,900
Gross Wages (PAYG withheld $3,700) from Dominos         17,460
Newstart allowance from Centrelink        8,900
Tips from customers        500
Gross Interest (see below)*         1,980*
Reportable fringe benefits        8,000
Reportable superannuation contribution        3,200
Travel allowance from Dominos        200
Uniform allowance from Coles

* Jim’s gross interest is supposed to be $1,980 but he received only $1,059.3 as Jim did not provide his TFN to the bank. From the total interest, $920.7 was withheld by Bank and sent to ATO.