Question 2 Frank is an accountant. He works for west union club and has received an annual salary of 80,000. He also earned a Christmas bonus of $2,000 in 2015/16 income year. During this year, he won a lotto of $200,000 Required: a. Determine the taxable income of Frank. b. Calculate Tax payable income tax and medicare levy (2% on total taxable income when taxable income is of $27,068 and over) 0-$18,200 Nil $18,201 - $37,000 19c for each $1 over $18,200 $37,001 - 580,000 $3,572 plus 32.5c for each $1 over $37,000 $80,001 - $180,000 $17,547 plus 37c for each S1 over $80,000 $180,001 and over $54,547 plus 45c for each $1 over $180,000