QUESTION 2: Income Tax Calculation Weighting Total Assessable income 1 % Total taxable income 1% Using correct income tax rate 1 % Medicare Levy 1 % Medicare Levy Surcharge 1 % HELP repayment amount with using current threshold and rate 1 % Total Tax Liability 2 % Net Tax Liability (Total Tax Liability less any applicable tax offset if any) 2 % QUESTION 2 TOTAL MARKS: 10 % QUESTION 2 (10 MARKS) Calculate the taxable value of the fringe benefit using the statutory formula in the following case context: Robin provides his employee (Jack) with the use of a Toyota car 196 days during the Fringe Benefits Tax year. During the period, the car travelled 12,000 km. Robin purchased the car last year for $47,000. Jack contributed $2,000 towards the cost of running the car and has provided Robin with relevant documentation. (Maximum 400 words)