Open ended question (20 Marks) James and Tina are married and have three children. They do not have private health cover. Tina is a homemaker and James is an Associate Lecturer in Accounting at Virtual University. James receives annual remuneration of $91,000 and $3,000 per annum in allowable deductions. He is concerned about saving for retirement and has decided to salary sacrifice $7,200 annually to superannuateon. Considering all the Medicare levies and offsets, answer the following questions. Note: To solve this question, you are required to use the tax rates and thresholds provided in the 'Formulae and additional information' sheet available on the Moodle page. Required: a) How much is the total tax payable before salary sacrifice arrangement? (7 marks) b) How much is the total tax payable after salary sacrifice arrangement? (7 marks) c) Is it worthwhile for James to salary sacrifice $7,200? Explain. (3 marks) d) Given the availability of the age pension, why does James need to save through his superannuateon fund for retirement