SSCE HSC Mathematics Standard Annuities: The table shows the income tax r

Question

The table shows the income tax rates for the 2019–2020 financial year.

Taxable income | Tax on this income
--- | ---
0–$18,200 | Nil
$18,201–$37,000 | 19c for each $1 over $18,200
$37,001–$90,000 | $3,572 plus 32.5c for each $1 over $37,000
$90,001–$180,000 | $20,797 plus 37c for each $1 over $90,000
$180,001 and over | $54,097 plus 45c for each $1 over $180,000

For the 2019–2020 financial year, Wally had a taxable income of $122,680. During the year, he paid $3,000 per month in Pay As You Go (PAYG) tax.

Calculate Wally’s tax refund, ignoring the Medicare levy.

The table shows the income tax rates for the 2019–2020 financial year - HSC - SSCE Mathematics Standard - Question 20 - 2020 - Paper 1

Worked Solution & Example Answer:The table shows the income tax rates for the 2019–2020 financial year - HSC - SSCE Mathematics Standard - Question 20 - 2020 - Paper 1

Calculate Wally's Tax

Calculate Total PAYG Tax Paid

Calculate Wally's Tax Refund

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