2007 Basic
MTE Question 2
M1
Medicare levy reduction or exemption |
Y |
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V |
85 |
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W |
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M2
Medicare levy surcharge (MLS) |
E |
N |
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A |
365 |
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D |
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A2 Part-year
tax-free threshold |
N |
10 |
(48585 x 30%) – 4650 = 9925.50
PLUS 1000 x 15% = 150.00
TOTAL = 10075.50
Taxpayer's name John BENTON |
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Taxable income 48585
Threshold 500 x 10 = 5000 |
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Basic
tax payable
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10075.50 |
Notes
and calculations |
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Tax
offsets
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MINUS
total |
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Subtotal |
10075.50 |
Must not be less than zero |
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Levies
etc
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Medicare levy |
559.06 |
48585 x (365 – 85)/365 x 1.5% = 559.06 |
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Medicare surcharge |
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HELP |
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SFSS |
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PLUS
total |
559.06 |
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Tax
credits
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TIDs (PAYG withholding) |
11623.00 |
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Franking credits |
139 |
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TFN tax |
198.09 |
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Foreign tax credit |
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PAYG instalment credit |
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Private health ins offset |
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Baby bonus |
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Other |
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MINUS
total |
11960.09 |
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balance
payable or
refund due |
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1325.53 |
REFUND |
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