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In Australia during the current income year Ricky who is a resident taxpayer, has the...

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Accounting

In Australia during the current income year Ricky who is a resident taxpayer, has the following: a gross salary of $78,000 (PAYG tax withheld $16,500), a fully franked dividend of $2,000, an unfranked dividend of $2,000, and a 50% franked dividend of $700. no deductions. Calculate his taxable income and tax payable

- Calculation of Rafaels taxable income by applying the statutory formula under s 4-15 ITAA 1997 - Calculation of Rafaels tax liability per the ITRA 1986 - Calculation of the Medicare levy - Calculation of Rafaels Franking tax offset and PAYG tax withheld - Calculation of income tax payable or refundable by applying the method in s 4-10 ITAA 1997

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