Based on the following tax rates for the 2015 financial year, please calculate the tax liability on the taxable income of $68,000. Please exclude both the Medicare Levy and any tax offset in your calculation. Taxable income Tax on this income 0 $18,200 Nil $18,201 - $37,000 19c for each $1 over $18,200 $37,001 - $80,000 $3,572 plus 32.5c for each $1 over $37,000 $80,001 $180,000 $17,547 plus 37c for each $1 over $80,000 $180,001 and over $54,547 plus 45c for each $1 over $180,000