smc-4331-50-Tax tables

v1 Financial Maths, STD2 F1 2006 HSC 22 MC

This income tax table is used to calculate Daniel’s tax payable.

Taxable income	Tax payable
$0 − $11 000	Nil
$11 001 − $42 400	20 cents for each $1 over $11 000
$42 401 − $78 800	$6280 plus 33 cents for each $1 over $42 400
$78 801 − $108 400	$18 292 plus 37 cents for each $1 over $78 800
$108 401 and over	$31 316 plus 48 cents for each $1 over $108 400

Daniel’s taxable income increases from $45 000 to $80 000.

What percentage of his increase will he pay in additional tax?

`text(22.7%)`
`text(25.5%)`
`text(33.1%)`
`text(40.6%)`

Show Answers Only

`C`

Show Worked Solution

`text(Tax on $45 000)`	`= 6280 + 0.33 xx (45\ 000-42\ 400)`
	`= 6280 + 0.33 xx 2600`
	`= 6280 + 858`
	`= $7138`

`text(Tax on $80 000)`	`= 18\ 292 + 0.37 xx (80\ 000-78\ 800)`
	`= 18\ 292 + 0.37 xx 1200`
	`= 18\ 292 + 444`
	`= $18\ 736`

`:.\ text(Extra tax)`	`= 18\ 7360-7138`
	`= $11\ 598`

`:.\ \text{% of income increase paid in tax}`

`= (11\ 598) / (35\ 000) xx 100`

`=33.14%`

`=> C`

Financial Maths, SMB-013

The table shows the income tax rates for the 2022-23 financial year.

\begin{array} {|l|l|}
\hline
\rule{0pt}{2.5ex}\textit{ Taxable income}\rule[-1ex]{0pt}{0pt} & \textit{ Tax payable}\\
\hline
\rule{0pt}{2.5ex}\text{\$0 – \$18 200}\rule[-1ex]{0pt}{0pt} & \text{Nil}\\
\hline
\rule{0pt}{2.5ex}\text{\$18 201 – \$45 000}\rule[-1ex]{0pt}{0pt} & \text{19 cents for each \$1 over \$18 200}\\
\hline
\rule{0pt}{2.5ex}\text{\$45 001 – \$120 000}\rule[-1ex]{0pt}{0pt} & \text{\$5092 plus 32.5 cents for each \$1 over \$45 000}\\
\hline
\rule{0pt}{2.5ex}\text{\$120 001 – \$180 000}\rule[-1ex]{0pt}{0pt} & \text{\$29 467 plus 37 cents for each \$1 over \$120 000}\\
\hline
\rule{0pt}{2.5ex}\text{\$180 001 and over}\rule[-1ex]{0pt}{0pt} & \text{\$51 667 plus 45 cents for each \$1 over \$180 000}\\
\hline
\end{array}

Boonie is a professional cricketer and has a gross income of $145 000. During the financial year, he has allowable tax deductions of $1300 for cricket bats and pads.

What is Boonie's total amount of tax payable for the financial year? (3 marks)

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Show Answers Only

`$38\ 236`

Show Worked Solution

`text(Taxable income)\ =145\ 000-1300=$143\ 700`

`text{Tax payable}`

`= 29\ 467 + 0.37 (143\ 700-120\ 000)`

`= 29\ 467 + 8769`

`= $38\ 236`

Financial Maths, SMB-012 MC

Using the tax table, what is the tax payable on $47 580?

$5721.20
$5930.50
$15 463.50
$20 555.50

Show Answers Only

`B`

Show Worked Solution

`text(Tax Payable)`

`= 5092 + 0.325 (47\ 580-45\ 000)`

`= 5092 + 838.50`

`= 5930.50`

`=> B`

Financial Maths, STD2 F1 2018 HSC 30b

Last year, Luke’s taxable income was `$87\ 000` and the tax payable on this income was `$19\ 822`. This year, Luke’s taxable income has increased by `$16\ 800`.

Use the table to calculate the tax payable by Luke this year. (2 marks)

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How much extra money will Luke have this year, after paying tax, as a result of the increase in his taxable income? Ignore the Medicare levy. (2 marks)

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Show Answers Only

`$26\ 038`
`$10\ 584`

Show Worked Solution

i. `text(Taxable income) = 87\ 000 + 16\ 800 = $103\ 800`

`:.\ text(Tax payable)`	`= 19\ 822 + 0.37 (103\ 800-87\ 000)`
	`= $26\ 038`

ii. `text(Net income from last year)`

`= 87\ 000-19\ 822`

`= $67\ 178`

`text(Net income in current year)`

`= 103\ 800-26\ 038`

`= $77\ 762`

`:.\ text(Extra money)`	`= 77\ 762-67\ 178`
	`= $10\ 584`

Financial Maths, STD2 F1 2016 HSC 26f

Theo is completing his tax return. He has a gross salary of $82 521 and income from a rental property totalling $10 920. He is claiming $13 420 in allowable deductions.

Determine Theo’s taxable income. (1 mark)

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Using the tax table below, calculate Theo’s tax payable. (2 marks)

\begin{array} {|l|l|}
\hline
\rule{0pt}{2.5ex}\textit{ Taxable income}\rule[-1ex]{0pt}{0pt} & \textit{ Tax payable}\\
\hline
\rule{0pt}{2.5ex}\text{\$0 – \$18 200}\rule[-1ex]{0pt}{0pt} & \text{Nil}\\
\hline
\rule{0pt}{2.5ex}\text{\$18 201 – \$37 000}\rule[-1ex]{0pt}{0pt} & \text{19 cents for each \$1 over \$18 200}\\
\hline
\rule{0pt}{2.5ex}\text{\$37 001 – \$80 000}\rule[-1ex]{0pt}{0pt} & \text{\$3572 plus 32.5 cents for each \$1 over \$37 000}\\
\hline
\rule{0pt}{2.5ex}\text{\$80 001 – \$180 000}\rule[-1ex]{0pt}{0pt} & \text{\$17 547 plus 37 cents for each \$1 over \$80 000}\\
\hline
\rule{0pt}{2.5ex}\text{\$180 001 and over}\rule[-1ex]{0pt}{0pt} & \text{\$54 547 plus 45 cents for each \$1 over \$180 000}\\
\hline
\end{array}

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In addition to the above tax, Theo must also pay a Medicare levy of $1600.42
Theo has already paid $20 525 as Pay As You Go (PAYG) tax.
Should Theo receive a tax refund or will he owe more tax? Justify your answer with calculations. (2 marks)

--- 4 WORK AREA LINES (style=lined) ---

Show Answers Only

`$80\ 021`
`$17\ 554.77`
`$1369.81\ text(refund)`

Show Worked Solution

i. `text(Taxable income)`

`= 82\ 521 + 10\ 920-13\ 420`

`= $80\ 021`

ii. `text(Tax payable)`

`= 17\ 547 + (80\ 021-80\ 000) xx 0.37`

`= $17\ 554.77`

iii. `text(Total tax payable)`

`= 17\ 554.77 + 1600.42`

`= $19\ 155.19`

`text(Tax paid > tax payable)`

`:.\ text(Refund)`	`= 20\ 525-19\ 155.19`
	`= $1369.81`

Financial Maths, STD2 F1 2006 HSC 22 MC

This income tax table is used to calculate Evelyn’s tax payable.

Evelyn’s taxable income increases from $50 000 to $80 000.

What percentage of her increase will she pay in additional tax?

`text(15.25%)`
`text(40.7%)`
`text(43.5%)`
`text(52%)`

Show Answers Only

`B`

Show Worked Solution

`text(Tax on $50 000)`	`= 2500 + 0.35 xx (50\ 000-45\ 000)`
	`= 2500 + 1750`
	`= $4250`

`text(Tax on $80 000)`	`= 11\ 250 + 0.52 xx (80\ 000-70\ 000)`
	`= 11\ 250 + 5200`
	`= $16\ 450`

`:.\ text(Extra tax)`	`= 16\ 450-4250`
	`= $12\ 200`

`:.\ text(% Increase paid in tax)`

`= (12\ 200) / (30\ 000) xx 100`

`=\ text(40.66… %)`

`=> B`