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Calculate Wendy's Taxable Income in Light of the Following

Question 21

Essay

Calculate Wendy's taxable income in light of the following:
· Assessable income = $35,000 (source is salary and dividends)
· Donation to political party = $2,000
· Interest on a loan to buy shares (which produced assessable income included in $35,000) = $4,000
· Compulsory work uniform costs = $220

Correct Answer:

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Wendy's taxable income = $35,0...

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