Hi everybody
I need a hand with calculating tax on income ? I know the answers but I don?t know the working out behind them. Could you help me calculate please?
Q:
Calculate the income tax payable by an individual with a taxable income in the 2009-2010 financial year of an individual (who is a Australian citizen ? do not include Medicare Levy or any tax rebates/benefits).
1. $75,000
2. $100,000
2. $200,000
Could you please show the workings for each one? I have attempted to answer these questions but I get it wrong ? my answers are: 1.) $16,200 2.) $25,450 3.) $64,850. The correct answers are: 1.) $16,500, 2.) $26,000, 3.) $67,000.
Income Tax rates 2009-10 for an individual (Australian citizen) are found here: http://www.ato.gov.au/individuals/conten?
Please at the least could you show me how to calculate the income tax payable on these different incomes? I get close but its not the correct answer.
Thank you all very much.
PS: On the Australian Taxation Office website there is a simple income tax calculator which is how I found the answers for each question. Unfortunately the calculator doesn?t include the workings.
Source: http://pajakpenghasilan.info/lets-discuss-about-2010-tax-rates-33.htm
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