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Considering the information below, calculate Mary tax liability (including Medicare Levy and Medicare Levy Surcharge, if applicable, and ignore any tax offsets such as LITO and LMITO): Mary is a single non-tax resident (foreign resident) of Australia in the tax year 2018-2019 and has no private health insurance Assessable income for the year is of $95,000 Total deductions for the year are $25,000
Considering the information below, calculate Mary tax liability (including Medicare Levy and Medicare Levy Surcharge, if applicable, and ignore any tax offsets such as LITO and LMITO):
Mary is a single non-tax resident (foreign resident) of Australia in the tax year 2018-2019 and has no private health insurance
Assessable income for the year is of $95,000
Total deductions for the year are $25,000
Expert Solution
Tax rates are as follows
0 - $90000. = 32.5C for each $1
$90000 to $180000 = $29250+37C for each $1 over $90000
$180000 and over = $62500+45C for each $1 over
$180000.
Assessable income of marry is = $95000
Total deductions for the year are = $25000
Taxable income = $70000
Calculation of tax liability
= ($70000×32.5C )
= $22750.
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