Question
In a country with a taxation system similar to Australia's an individual must pay income tax at a rate of 0% on the first $8000,
In a country with a taxation system similar to Australia's an individual must pay income tax at a rate of 0% on the first $8000, 15% on the portion of income more than $8000 and up to $30,000, 30% on the portion more than $30,000 and up to $85,000 and 43% on the portion above $85,000. An additional tax of 2.5% is payable on the whole income for healthcare. What is the total tax payable by an individual whose taxable income is $103890? (Give your answer to the nearest cent, omitting the dollar sign).In a country with a taxation system similar to Australia's an individual must pay income tax at a rate of 0% on the first $8000, 15% on the portion of income more than $8000 and up to $30,000, 30% on the portion more than $30,000 and up to $85,000 and 43% on the portion above $85,000. An additional tax of 2.5% is payable on the whole income for healthcare. What is the total tax payable by an individual whose taxable income is $103890? (Give your answer to the nearest cent, omitting the dollar sign).
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