Assignment task:
After completion of your course, you start working at an accounting and tax office. Juliana is your first client. She requires to lodge her income tax for 2022-23. She gives her annual income and deduction, which is as below. Calculate her Total Assessable Income, Taxable Income, Tax Liability, Medicare Levy and Medicare Levy Surcharge, if applicable, for the taxpayer (Juliana) with the information below:
- Juliana is a resident single mom with one dependent son (5 years old) taxpayer of Australia for the tax year 2022-2023.
- Her Taxable Salary earned is $105,000 (Including tax withheld), having no private health insurance.
- She had a $7,000 deduction.
- Juliana has a student loan outstanding for her previous study at Sydney University $41,000.
- Juliana's employer pays superannuation guarantee charge of 10.50% on top of her salary to her nominated fund.
- Juliana earned a passive income of $11,000 from the investments in shares in the same tax year.
Hint: The following website can be used to cross-check your answers, but you need to provide detailed calculations, rates and explanations with screenshots of rates from the ATO website.