Essay on income and rental accommodation report

Submitted By Julieta-Arellano
Words: 794
Pages: 4
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Queensland Government
Income and Rental Accommodation Report.

Payer’s Name: FoodTown (S.Godsave)
Payee’s Tax File Number: 132 132 132
Date of Birth: 15/10/1997
Payee’s Surname/Family Name ARELLANO
Payee’s Given Name JULIETA
Street Number and Name 40 Blackstone Road
Suburb/ Town/ Locality Redbank Plains 4301

This report gathers mathematical investigation into earnings and renting costs. Using the application of mathematical procedures to calculate tax and Medicare Levy according to a specific gross income. It will also calculate whether receiving a refund from the tax department or paying more money.
This report analyses the opportunity of renting in 3 different suburbs and how to choose the more suitable according to the net weekly income and the living expenses.

2) The total amount of income payment I received from FoodTown (S.Godsave) for working this year was: $45300 + $23.56 + %46.21 = $45370
Gross Payments +Banking Interests = Gross Income

3) Gross Income - Donations – Staff Uniforms = Taxable Income $45370 - ($15 for Community Aid Abroad + $20 for World Vision of Aust Overseas Fund+ $ 10 for Cancer Fund) - $80 for uniforms = Taxable Income
$45370 – $45 - $80 = $45245: TAXABLE INCOME

4) TAX PAYABLE = $3572 + 0.325 X ($45245 - $37000) TAX PAYABLE = $3572 + 0.325 X $8245 TAX PAYABLE = $3572 + $2680 TAX PAYABLE = $6252
Gross Income: $45245
Medicare Levy: 1.5% of $45245
Medicary Levy: $679

5) According to the Total Tax Withheld $11020 and the Tax Payable obtained in question 4) I will receive a refund from the tax department because I payed more than I needed to pay.
TOTAL TAX WITHHELD – TAX PAYABLE – MEDICARE LEVY
$11020 – $6252 - $679 = $4089
The amount of tax refund I should receive is $4089

6)( Gross Income – Total Tax Withheld) : 52 =
($45370 - $11020 ) :52 =
$34350 :52
$660.60 WEEKLY NET INCOME
7)
SPRINGFIELD LAKES
GOODNA
REDBANK PLAINS
$415 per week
$340 per week
$370 per week
$380 per week
$295 per week
$$360 per week
$380 per week
$330 per week
$360 per week
$390 per week
$300 per week
$340 per week
$380 per week
$280 per week
$395 per week
$365 per week
$260 per week
$350 per week
$430 per week
$325 per week
$340 per week
$330 per week
$300 per week
$320 per week
$420 per week
$290 per week
$325 per week
$340 per week
$310 per week
$345 per week
$430 per week
$310 per week
$480 per week
$420 per week
$290 per week
$360 per week
$440 per week
$345 per week
$380 per week
$470 per week
$350 per week
$365 per week
$375 per week
$370 per week
$310 per week

Rental prices provided by Realstate.com.au
MEAN COST FOR GOODNA: $340+$295+$330+$300+$280+$260+$325+$300+$290+$310+$310+$290+$345+$350+$370=
=$4695 : 15
=$313
MEAN COST FOR SPRINGFIELD LAKES:
$415 +$380+$380+$390+$380+$365+$430+$330+$420+$340+$430+$420+$440+$470+$375
= $5965 :15
=$398
MEAN COST FOR REDBANK PLAINS:
$370+$360+$350+$340+$395+$350+$340+$320+$325+$345+$480+$360+$330+$365+$310=
=$5340 : 15
= $356
Show More

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