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Financial Maths, STD1 F1 2025 HSC 19

At the end of the 2024−2025 financial year, Alex’s taxable income was $148 600.

  1. The table shows the income tax rate for Australian residents for the 2024−2025 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{16 cents for each \$1 over \$18 200}\\
\hline
\rule{0pt}{2.5ex}\text{\$45 001 – \$135 000}\rule[-1ex]{0pt}{0pt} & \text{\$4288 plus 30 cents for each \$1 over \$45 000}\\
\hline
\rule{0pt}{2.5ex}\text{\$135 001 – \$190 000}\rule[-1ex]{0pt}{0pt} & \text{\$31 288 plus 37 cents for each \$1 over \$135 000}\\
\hline
\rule{0pt}{2.5ex}\text{\$190 001 and over}\rule[-1ex]{0pt}{0pt} & \text{\$51 638 plus 45 cents for each \$1 over \$190 000}\\
\hline
\end{array}

  1. Using the table, calculate Alex’s tax payable.   (3 marks)

  2. The Medicare levy is 2% of taxable income.
  3. Calculate the Medicare levy payable by Alex.   (1 mark)

Show Answers Only

a.    \($36\ 320\)

b.    \($2972\)

Show Worked Solution
a.     \(\text{Tax payable}\) \(=31\ 288+0.37\times(148\ 600-135\ 000)\)
    \(=31\ 288+0.37\times 13\ 600\)
    \(=31288+5032\)
    \(=$36\ 320\)

 

b.    \(\text{Medicare}\) \(=0.02\times 148\ 600\)
    \(=$2972\)

♦♦ Mean mark (b) 34%.

Financial Maths, STD1 F1 2022 HSC 28

Julie has a gross annual salary of $67 000. During the year she also received an income of $780 from investments and had tax deductions totalling $1000.

The table below shows the income tax rates for the 2021–2022 financial year.
 

 

Calculate the tax payable on Julie's taxable income, ignoring the Medicare levy.  (3 marks)

Show Answers Only

`$12 170.50`

Show Worked Solution
`text{Taxable Income}`  `=\ text{Total Income – Deductions}`  
  `=67\ 000 + 780-1000`  
  `=$66\ 780`  

 

`:.\ text{Tax Payable}` `=5092+0.325(66\ 780-45\ 000)`  
  `=5092+7078.50`  
  `=$12\ 170.50`  

♦ Mean mark 49%.

Financial Maths, STD2 F1 2021 HSC 22

The table shows the income tax rates for the 2020-2021 financial year.
 

   

William has a gross annual salary of $84 000. He has allowable tax deductions of $900 for home-office equipment and $474 for union fees. William must also pay a Medicare Levy of 2% of his taxable income.

Calculate the total tax payable by William including the Medicare Levy.  (3 marks)

Show Answers Only

`$18\ 972.97`

Show Worked Solution
`text(Taxable income)` `=84\ 000-900-474`  
  `=$82\ 626`  
`text(Income tax)` `=5092+0.325(82\ 626 – 45\ 000)`  
  `=$17\ 320.45`  
`text(Medicare Levy)` `=0.02 xx 82\ 626`  
  `=$1652.52`  

 

`:.\ text(Total tax payable)` `=17\ 320.45 + 1652.52`  
  `=$18\ 972.97`  

Financial Maths, STD1 F1 2020 HSC 27

The table shows the income tax rates for the 2019 – 2020 financial year.

For the 2019 – 2020 financial year, Wally had a taxable income of $122 680. During the year, he paid $3000 per month in Pay As You Go (PAYG) tax.

Calculate Wally's tax refund, ignoring the Medicare levy.   (3 marks)

Show Answers Only

`$3111.40`

Show Worked Solution
`text(Tax paid)` `=12 xx 3000`
  `=$36\ 000`

 
`text(Tax payable on $122 680)`

♦ Mean mark 35%.

`=20\ 797 + 0.37(122\ 680 – 90\ 000)`

`=20\ 797 + 0.37(32\ 680)`

`=$32\ 888.60`
 

`:.\ text(Tax refund)` `=36\ 000 – 32\ 888.60`  
  `=$3111.40`  

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`.

  1. Use the table to calculate the tax payable by Luke this year.   (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}\$0 - \$18 200\rule[-1ex]{0pt}{0pt} & \text{Nil}\\
    \hline
    \rule{0pt}{2.5ex}\$18 201 - \$37 000\rule[-1ex]{0pt}{0pt} & \text{19 cents for each \$1 over \$18 200}\\
    \hline
    \rule{0pt}{2.5ex}\$37 001 - \$87 000\rule[-1ex]{0pt}{0pt} & \text{\$3572 plus 32.5 cents for each \$1 over \$37 000}\\
    \hline
    \rule{0pt}{2.5ex}\$87 001 - $180 000\rule[-1ex]{0pt}{0pt} & \text{\$19 822 plus 37 cents for each \$1 over \$87 000}\\
    \hline
    \rule{0pt}{2.5ex}\$180 001\text{ and over}\rule[-1ex]{0pt}{0pt} & \text{\$54 232 plus 45 cents for each \$1 over \$180 000}\\
    \hline
    \end{array}

  2. 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)

Show Answers Only

a.    `$26\ 038`

b.    `$10\ 584`

Show Worked Solution

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

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

 

b.    `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 2017 HSC 29b

Sabrina’s taxable income is `$86\ 725` in a particular year.

The table below is used to calculate her tax payable. In addition, she pays the Medicare levy, which is 2% of her taxable income.

\begin{array} {|l|l|}
\hline
\rule{0pt}{2.5ex}\textit{    Taxable income}\rule[-1ex]{0pt}{0pt} & \textit{    Tax payable}\\
\hline
\rule{0pt}{2.5ex}\$0 - \$18 200\rule[-1ex]{0pt}{0pt} & \text{Nil}\\
\hline
\rule{0pt}{2.5ex}\$18 201 - \$37 000\rule[-1ex]{0pt}{0pt} & \text{19 cents for each \$1 over \$18 200}\\
\hline
\rule{0pt}{2.5ex}\$37 001 - \$87 000\rule[-1ex]{0pt}{0pt} & \text{\$3572 plus 32.5 cents for each \$1 over \$37 000}\\
\hline
\rule{0pt}{2.5ex}\$87 001 - $180 000\rule[-1ex]{0pt}{0pt} & \text{\$19 822 plus 37 cents for each \$1 over \$87 000}\\
\hline
\rule{0pt}{2.5ex}\$180 001\text{ and over}\rule[-1ex]{0pt}{0pt} & \text{\$54 232 plus 45 cents for each \$1 over \$180 000}\\
\hline
\end{array}

Calculate Sabrina’s net income in that year.   (3 marks)

Show Answers Only

`$65\ 257.87`

Show Worked Solution
`text(Tax payable)` `= 3572 + 0.325(86\ 725-37\ 000)`
  `= 19\ 732.625= $19\ 732.63`

`text(Medicare levy)= 2text(%) xx 86\ 725= $1734.50`

`:.\ text(Net Income)` `= 86\ 725-(19\ 732.63 + 1734.50)`
  `= $65\ 257.87`

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.

  1. Determine Theo’s taxable income.   (1 mark)

  2. 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}\$0 - \$18 200\rule[-1ex]{0pt}{0pt} & \text{Nil}\\
\hline
\rule{0pt}{2.5ex}\$18 201 - \$37 000\rule[-1ex]{0pt}{0pt} & \text{19 cents for each \$1 over \$18 200}\\
\hline
\rule{0pt}{2.5ex}\$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}\$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}\$180 001\text{ and over}\rule[-1ex]{0pt}{0pt} & \text{\$54 547 plus 45 cents for each \$1 over \$180 000}\\
\hline
\end{array}

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

Show Answers Only

a.    `$80\ 021`

b.    `$17\ 554.77`

c.    `$1369.81\ text(refund)`

Show Worked Solution

a.   `text(Taxable income)= 82\ 521 + 10\ 920-13\ 420= $80\ 021`

b.   `text(Tax payable)= 17\ 547 + (80\ 021-80\ 000) xx 0.37= $17\ 554.77`

c.   `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 2004 HSC 10 MC

Using the tax table, determine the tax payable on a taxable income of `$47\ 000`.

     

  1. `$8310.40`
  2. `$9109.60`
  3. `$9110.00`
  4. `$10\ 310.40`
Show Answers Only

`C`

Show Worked Solution

`text(Tax on $47 000)`

`= 8310 + 0.40 xx (47\ 000-45\ 000)`

`= 8310 + 800= $9110`

`=> C`

Financial Maths, STD2 F1 2007 HSC 26b

Myles is in his third year as an apprentice film editor.

  1. Myles purchased film-editing equipment for $5000.

     

    After 3 years it has depreciated to $3635 using the straight-line method.  

     

    Calculate the rate of depreciation per year as a percentage.   (2 marks)

  2. Myles earns $800 per week. Calculate his taxable income for this year if the only allowable deduction is the amount of depreciation of his film-editing equipment in the third year of use.   (1 mark)

  3. Use this tax table to calculate Myles’s tax payable.  (2 marks)
     
          

Show Answers Only
  1. `text(9.1%)`
  2. `$41\ 145`
  3. `$8443.50`
Show Worked Solution
a.    `S = V_0 – Dn`
  `S = $3635,\ \ \ V_0 = 5000,\ \ \ n = 3`
`3635` `= 5000 – D xx 3`
`3D` `= 1365`
`D` `= $455`

 

`:.\ text(Rate of depreciation per year)`

`= 455/5000 xx 100`

`= 9.1 text(%)`

 

b.    `text(Income per year)` `= 52 xx 800`
    `= $41\ 600`
`text(Taxable income)` `=\ text(Income – Deductions)`
  `= 41\ 600 – 455`
  `= $41\ 145`

 

c.    `text(Tax payable)` `= 4500 + 0.3(41\ 145 – 28\ 000)`
    `= 4500 + 3943.50`
    `= $8443.50`

Financial Maths, STD2 F1 2008 HSC 6 MC

Using the tax table, what is the tax payable on $43 561?

  1. $5424.40
  2. $10 824.40
  3. $16 224.40
  4. $17 424.40
Show Answers Only

`B`

Show Worked Solution

`text(Tax Payable)`

`= 5400 + 0.4 (43\ 561-30\ 000)`

`= 5400 + 5424.40= $10\ 824.40`

`=>  B`

Financial Maths, STD2 F1 2013 HSC 27b

The table shows the tax payable to the Australian Taxation Office for different taxable incomes.

2013 27b

Peta has a gross annual salary of  $84 000. She has tax deductions of $1000 for work-related travel and $500 for stationery. The Medicare levy that she pays is calculated at 1.5% of her taxable income.

Peta has already paid $18 500 in tax.

Will Peta receive a tax refund or will she owe money to the Australian Taxation Office? Justify your answer by calculating the refund or amount owed.   (4 marks)

Show Answers Only

 `text(Peta owes the tax office $1209.50.)`

Show Worked Solution
`text(Total Deductions)` `=1000+500`
  `=$1500`
`text(Taxable Income)` `= text(Gross Income)-text(Total Deductions)`
  `= 84\ 000-1500`
  `= $82\ 500`

 

`text(Using the tax table:)`

♦ Mean mark 44%
IMPORTANT: Note that ‘Tax’ and the ‘Medicare Levy’ are calculated separately using the ‘Taxable Income’ figure and added together to find the amount owed to the ATO.
`text(Tax)` `= 17\ 547+ 0.37 xx (82\ 500- 80\ 000)`
  `= 17\ 547 +925`
  `= $18\ 472`

 

`text(Medicare owing)` `=\ text(1.5%) xx 82\ 500`
  `= $1237.50`

 

`text(Owed to ATO)` `= 18\ 472+1237.50`
  `=$19\ 709.50`
   
`text(Tax paid)` `= $18\ 500`

 

`text(Difference owing)` `=19\ 709.50-18\ 500`
  `= $1209.50`

 
`:.\ text(Peta owes the tax office $1209.50.`