2007 Basic Course Chapter 13 Question 1

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Filling out the I Form

Item number	Amount	Code	Notes and calculations
Income
10	154		Since he is a common law employee, this is a private account.
13	9839 44765
Total tax withheld
Assessable income	44919
Deductions
D10	146
D15	673
Total deductions	819
Taxable income	44100		Assessable income MINUS Total deductions
Tax offsets
Total tax offsets
Other
M2	N 365 days

Tax calculation

Taxpayer's name Eddie BURDETT
Taxable income 44100 Threshold 6000
Basic tax payable		8580.00	Notes and calculations
Tax offsets
	MINUS total
	Subtotal	8580.00	Must not be less than zero
Levies etc
Medicare levy	661.50		44100 x 1.5%
Medicare surcharge
HELP
SFSS
	PLUS total	651.48
Tax credits
TIDs (PAYG withholding)	9839
Franking credits
TFN tax
Foreign tax credit
PAYG instalment credit
Private health ins offset
Baby bonus
Other
	MINUS total	9839.00
balance payable or refund due		597.50	REFUND