Question
A taxpayer earns a salary of $80,000 in the financial year 2022. The tax rate for the first $50,000 of taxable income is 20% and
A taxpayer earns a salary of $80,000 in the financial year 2022. The tax rate for the first $50,000 of taxable income is 20% and the tax rate for taxable income above $50,000 is 35%. The taxpayer has also made a deductible contribution of $10,000 to their superannuation fund. Calculate the taxpayer's taxable income, tax payable, and after-tax income for the financial year 2022.
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Income Tax Fundamentals 2013
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
31st Edition
1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516
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