Sally and Sabrina are partners in a shoe business. As Sally works full time in the business, they agree that Sally will receive an annual salary of $50,000, and thereafter, that all profits are to be split 50/50 between them. During the 2019 tax year, business records show the following entries: 

Total sales: $640,000 

Staff wages & Superannuation: $425,000 

Salary payments to Sally: $50,000 

Superannuation (Sally): $10,000 

Rent and other business expenses incurred: $20,000 

Required: 

Calculate Sally’s Taxable Income for the 2019 financial year? All calculations must be shown and explained. You must refer to law.