User Account

All Pages

Calculate how much tax li is required to pay

Assignment Help Accounting Basics
Reference no: EM132914501

Question - Li, who is not married, migrated from China to Australia on a permanent resident's visa. Shortly after arriving in Sydney, he secured a job with an accounting firm. He intends to reside here permanently. In 2018-19, he received gross salary of $60,000 and bank interest income from the savings in China of $2,000. He did not pay any taxes in China on this interest income.

During the year, Li paid $1,250 for the accounting course to maintain and improve the skill and specific knowledge required for his current work activities. He also has a small consultancy business as a sole trader. The turnover for 2018-19 was $50,000 and the net profit was $30,000. He does not have a private health fund with hospital cover. Calculate how much tax Li is required to pay?

Reference no: EM132914501

Questions Cloud

Explain the situation using routine activities theory : Explain the situation using routine activities theory (RAT). Once you explain the factors associated with RAT, outline a plan consistent with the RAT principles
Describes the bond features effect on new bond issue : Describes the following bond features' effect on the new bond issue's coupon rate: Any positive covenants. Do you agree or disagree with the following statement
Creating uncertainty for organizations today : What do you think are the most important forces in the external environment creating uncertainty for organizations today? Do the forces you identified typically
Destabilize organizational morale and societal justice : The growing compensation inequity between executive management and the average employee threatens to destabilize organizational morale and societal justice.
Calculate how much tax li is required to pay : The turnover for 2018-19 was $50,000 and the net profit was $30,000. He does not have a private health fund with hospital cover. How much tax Li is required
Identify and describe the key hr functions : Identify and describe the key HR functions of Southwest Airlines and how they support each other in Health and Safety department.
Provide an overview of the banana republic in the uk : Overview of the Banana Republic in the UK and the United States and Canada stating the changes they should consider making in their endeavor to be successful
Improve future decision making : What have you learned from your mistakes and describe your present plan to improve your future decision making?
Sources of challenges and opportunities : Address the sources of challenges and opportunities e.g. profit motives by corporations, nationality and gender bias,

Reviews

Write a Review

Accounting Basics Questions & Answers

  What is taxable income

Accrued warranty costs, estimated to be used in 2013 $74,000. Operating loss carry forward $36,000. What is taxable income for 2012

  Pretax accounting income and taxable income

Sherrod, Inc., reported pretax accounting income of $92 million for 2011. The following information relates to differences between pretax accounting income and taxable income:

  What is next year expected operating income

If next year's core RONA1 is expected to be equal to this year's core RNOA0 of 11%. What is next year expected operating income

  Tucki co receives 269083 when it issues a 269083 10

tucki co. receives 269083 when it issues a 269083 10 mortgage note payable to finance the construction of a building at

  What was flint corporation times interest earned

In a recent year Flint Corporation had net income of $163000, What was Flint Corporation's times interest earned (rounded) for the year

  The number of units that could have been completed if all

1. job order costing is applicable to manufacturing firms only and not service firms.true or false2.an organizational

  Compute the cost of the ending work in process inventory

Compute the cost of the ending work in process inventory, Compute the cost of jobs completed during May.

  Is Murray logic correct

He argues that he was awarded damages as a recovery of his human capital and that a recovery of capital is not income. Is Murray's logic correct

  Determine the amount of depreciation expense for the years

Perdue Company purchased equipment on April 1 for $70,200. Determine the amount of depreciation expense for the years ended December

  What are the consequences of such a report to the company

What are the consequences of such a report to the company? What are the consequences of such a report to the auditor

  Prepare the journal entry to record depletion expense

Journalize all entries required on the above dates, including entries to update depreciation, where applicable, on assets disposed of. Ridge Company uses straight-line depreciation.

  During a year southside metals reported income tax expense

during a year southside metals reported income tax expense of 200000. the amount of taxes currently payable remained

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd