SmarterEd

Aussie Maths & Science Teachers: Save your time with SmarterEd

v1 Financial Maths, STD2 F1 2007 HSC 26b

Isla is in her third year working as a freelance photographer.

  1. Isla purchased photography equipment for $4200.
  2. After 3 years it has depreciated to $3150 using the straight-line method.  
  3. Calculate the rate of depreciation per year as a percentage.   (2 marks)

  4. Isla earns $760 per week. Calculate her taxable income for this year if the only allowable deduction is the amount of depreciation of her photography equipment in the third year of use.   (1 mark)

  5. Use this tax table to calculate Isla’s tax payable.  (2 marks)

    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 cents for each $1 over $78 800
    $108 401 and over $31 316 plus 48 cents for each $1 over $108 400

Show Answers Only
Show Worked Solution
i.   
 

 

ii.   
   
 
 
iii.   
   
   

Financial Maths, STD2 F1 2023 HSC 37

The table shows personal income tax rates for different taxable incomes for a particular country.

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 cents for each $1 over $78 800
$108 401 and over $31 316 plus 48 cents for each $1 over $108 400

 
A person with a taxable income of $90 000 pays 25.8% of that income in tax (excluding any levies).

What is the value of in the table?  (3 marks)

Show Answers Only

Show Worked Solution

 
 
 
   
   

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

Show Worked Solution
 
   
 
   
 
   

 

 
   

Financial Maths, STD2 F1 2020 HSC 20

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

Show Worked Solution
 

 


 

 
   

Financial Maths, STD2 F1 2018 HSC 30b

Last year, Luke’s taxable income was and the tax payable on this income was . This year, Luke’s taxable income has increased by .

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

  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
Show Worked Solution

i.   

 

 

ii.   


 


 

 

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.
 

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

Show Answers Only

Show Worked Solution
 
 
 

 

 
 

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)

  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
Show Worked Solution

i.   

 

ii.   

 

iii.   


 

 

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?

Show Answers Only

Show Worked Solution
 
 
 
 
 

 


 

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
Show Worked Solution
i.   
 

 

 

ii.   
   
 
 

 

iii.  
   
   

Algebra, STD2 A2 2010 HSC 27c

The graph shows tax payable against taxable income, in thousands of dollars.

2010 27c

  1. Use the graph to find the tax payable on a taxable income of $21 000.  (1 mark)

  2. Use suitable points from the graph to show that the gradient of the section of the graph marked    is  .    (1 mark)

  3. How much of each dollar earned between  $21 000  and  $39 000  is payable in tax?   (1 mark)

  4. Write an equation that could be used to calculate the tax payable, , in terms of the taxable income, , for taxable incomes between  $21 000  and  $39 000.   (2 marks)

Show Answers Only
Show Worked Solution
i.

 

 

ii. 

♦♦ Mean mark 25%
 
 
 

 

iii. 

♦♦♦ Mean mark 12%!
MARKER’S COMMENT: Interpreting gradients is an examiner favourite, so make sure you are confident in this area.
 

 

iv. 

♦♦♦ Mean mark 15%.
STRATEGY: The earlier parts of this question direct students to the most efficient way to solve this question. Make sure earlier parts of a question are front and centre of your mind when devising strategy.

 
 

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

 

Show Worked Solution
 
 
 

 

♦ 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.