Help+the+Accountant

Hi guys, I am Craig - Mikayla's Dad. I am an Accountant and I do lots of Maths in my job.

Here is a problem you can help me solve:

My client has the following income: Employment income of $45,000, Bank Interest of $1,000 and Dividends from Shares of $3,000.

He also has expenses of Motor Vehicle of $3,050, Tools of $650, Mobile Phone calls of $2,200, Union Fees of $500 and Protective Clothing of $450.

You will need to add up all his income and then take away all of his expenses to calculate his taxable income.

Once you have calculated his Taxable Income - you need to subtract $6,000 (which is tax free) then multipy it by 31.5%.

The answer to this calculation will be his "tax payable".

If his employer has already paid $12,400 - how much wil his refund be? (You calculate his refund by subtracting his "tax payable from the $12,400).

Good Luck.

hi dad ,it's me mikayla we have solved your problem 45,000+1,000+3,000=49,000 3050+ 650+2200+500+450=6850 49,000-6850 = 42,150 42,150-6,000=36150 36150x31.5%=11387.25% 12400-11387.25= 1012.75 this is how we solved the problem and the tool we used is break it into more manageable parts bye Mikayla carla sam and nicole

Hi Mikayla, Carla, Sam and Nicole Congratulations and well done. The was the exact answer i was looking for. Thank you very much. Craig Stow (Mikayla's Dad).