Julie lives in the country of Snowland. She has: a full-time job earning a gross salary of $40,000 per year; $22,000 in a 1 year term deposit that will earn interest at the rate of 5% per year; and study expenses of $2,000 per year that are an allowable deduction. What is her assessable income (to the nearest dollar)? Please do not include dollar signs or commas in your answer.

Question

BlackTom AI · Accepted Answer

To approach this problem, I’ll lay out the components of Julie’s income and what counts toward assessable income in this context.
First, identify the gross salary: 40000 per year. This forms part of the assessable income.
Second, calculate the interest earned on the term deposit: 22000 × 5% = 1100 per year. Interest income is typically included in assessable income as well.
Third, consider the study expenses of 2000 per year described as an allowable deduction. In many tax frameworks, allowable deductions reduce taxable income, not the assessable income figure itself. Since the question explicitly asks for assessable income (to the nearest dollar) and provides the deduction as separate in the prompt, we treat the deduction as reducing the taxable income rather than the assessable income.
Fourth, combine the components that contribute to assessable income: salary 40000 plus interest 1100 equals 41100. Note that deductibility of expenses would subtract from taxable income, not from assessable income, so we do not subtract 2000 here when reporting assessable income.
Fifth, perform the arithmetic explicitly:
- Salary: 40000
- Interest: 1100 (5% of 22000)
- Sum for assessable income: 40000 + 1100 = 41100
Thus, the assessable income (to the nearest dollar) is 41100, with the 2000 study deduction to be considered later when calculating taxable income if required.

Dashboard Quiz 7: Taxation Planning (Week 7)

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