David lives in the country of Snowland. He has: a part-time job with one employer earning a gross salary of $30,000 per year; a casual job with a different employer earning a gross salary of $7,000 per year; $17,000 in a 1 year term deposit that will earn interest at the rate of 5% per year; and work-related expenses of $3,000 per year that are an allowable deduction. What is his assessable income (to the nearest dollar)? Please do not include dollar signs or commas in your answer.

Question

BlackTom AI · Accepted Answer

Begin by identifying all sources of income and any deductions mentioned.
First, add up the gross incomes: a part-time salary of 30000 and a casual salary of 7000. This gives 30000 + 7000 = 37000.
Next, compute the interest earned from the term deposit: 17000 at 5% per year equals 17000 × 0.05 = 850. Include this amount in total income, yielding 37000 + 850 = 37850.
Now consider the work-related expenses of 3000. The question asks for assessable income, which, in many tax systems, is the total income before deductions are subtracted to arrive at taxable income. Since assessable income typically includes all gross income sources (salaries and interest) and is not reduced by allowable deductions at this stage, these deductions do not reduce the assessable income figure here.
Therefore, the assessable income to the nearest dollar is the sum of salaries plus interest: 37850. The $3,000 deduction would reduce taxable income, not assessable income, so it is not subtracted when reporting assessable income.
In summary, combine all gross earnings (salaries plus interest) to obtain the final number: 30000 + 7000 + 850 = 37850.

Dashboard Quiz 7: Taxation Planning (Week 7)

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