make everything correct

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make everything correct
Answered Same DayDec 15, 2021

Answer To: make everything correct

Bharathi answered on Dec 16 2021
152 Votes
TEST
1) The withheld for Medicare levy is $ 1200(60000*2%). The medicare levy is 2% on the taxable income. If any exemptions or redu
ctions in medicare levy will be calculated while filing Income tax return and claim accordingly
2) The Self assessment tax to be paid of $ 39297. It is presumed that Mr. B is Australian Resident and the income of $ 140000/- is taken for the year 2018-19. If any withholding done on $ 130000/- that amount need to be deducted from $39297 and balance amount to be paid.
3) As per my opinion the social security and medicare levy is withheld by the employer. So, Mr. C has no responsibility to pay personally. The employer will withheld of 6.2% for social security and 1.45% for medicare levy.
4) Mr. D and Mr. E each has a liability of $30000/- each as the company borrowed capital of $ 60000 and for general partners the unlimited liability is there.
5) Mr. F received $ 25000/- as his share of Income from the earnings of $ 200000 it means his share in the firm is 12.5%
6) The Self employment tax on $50000/- required to be paid by Mr.G.
7) The tax cost as per the Act paid by the Partnership Firm . For the Partners the share of Profit from the firm is exempted
8) The allowable Expenses from Business Income of $150000 are
Mortgage Interest- 9600(12000/2500*2000)
Homeowner insurance-...
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