Homework answers / question archive / Question 8 1 Point During the income year ended 30 June 2020 Nicholas received salary and wages income of $35,000, interest income of $3,000, a net capital gain of $5,000, an exempt compensation payment of $23,000 and commission income of $4,000

Question 8 1 Point During the income year ended 30 June 2020 Nicholas received salary and wages income of $35,000, interest income of $3,000, a net capital gain of $5,000, an exempt compensation payment of $23,000 and commission income of $4,000

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1. Question 8 1 Point During the income year ended 30 June 2020 Nicholas received salary and wages income of $35,000, interest income of $3,000, a net capital gain of $5,000, an exempt compensation payment of $23,000 and commission income of $4,000. What is Nicholas's ordinary income that is assessable for the year ended 30 June 2020? A $70,000 B $38,000 $47,000 $42,000

2. Jessica is a resident for Australian tax purposes. Jessica's taxable income for the 2019/20 income year was $150000. What is Jessica's basic tax liability for the the 2019/20 tax year? Ignore any tax offsets or levies. (A) $40,297 B 42,997 C) $48,750 D) $55,500