Need help solving this question, What’s the answer?
- The Question is below -
I’ve got a bit of a problem with my tax return. I need to calculate my taxable income then my tax payable.
I’m a train driver and got $60,560 for that job during the year- my employer deducted $23,440.40 tax and I got the rest.
I received some bank interest of $83 but I hadn’t told them my tax file number so they had already deducted $38 tax by the time I got my $83.
The stock market has been doing okay so my investment there in Qantas got me $460 in franked dividends with $220 in imputation credits whatever they are. I remember now I borrowed $10,000 to buy the shares and paid interest of $300 on that loan during the year.
I also bought a property way back on 19 September 1985 for $40,000 which I sold during the year for $400,000- quite a tidy return!
I had $500 in work related expenses during the year I can claim against my train driver income.
What is my tax payable for the year? Assume a flat rate of tax of 40%, no medicare levy, no particular tricks.
- Thanks for any help -
,,Need help solving this question, What’s the answer? ,If your tax return was delayed, please answer my question? ,An IRS question that no one seems be able to answer.? ,Can you answer question? ,What would your answer be to this Payroll Tax problem? (with no additional clarification)? ,Comments (1)
this would depend on which country that you are coming from and better still which year of assessment this is
this is as the “allowances” that are deductable from your total income would differ from country to country as well as year to year
nevertheless, i’ll try make some assumptions here n there to try answer this question
lets assume that 60560 is a gross figure and therefore you dont have to tinker with it
where else, for the bank interest u would have to add back the 38, therefore 121
for the stock market thingy, i dont have an idea whats that about
property, u would probably have a property gain tax of 360000
therefore, your total income would be 60560+121+?+360000
then deduct this with whatever “allowances” or “charges against income” like the 500 work related expenses to derive your taxable income
from this taxable income, multiply it by 40% since u have assumed a flat rate…
with that u have your tax for the year which you can then deduct of what you have already paid, i.e. the 23440.40 and the 38 and anything applicable from the stock market
with that you have the tax payable for the year