Calculating Tax (HSC SSCE Mathematics Standard): Flashcards
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Practise the cards
10 cards from this deck
Tax return
Tax return
Document reporting income and tax paid to ATO yearly
Australian financial year dates
Australian financial year dates
1 July to 30 June
Progressive tax system
Progressive tax system
Tax rate increases as income increases
Tax-free threshold amount
Tax-free threshold amount
$18,200
Tax brackets
Tax brackets
Steps where different tax rates apply to income portions
PAYG tax
PAYG tax
Tax deducted automatically from wages throughout the year
Tax refund formula
Tax refund formula
Tax paid minus Tax payable
Tax owing formula
Tax owing formula
Tax payable minus Tax paid
Medicare levy rate
Medicare levy rate
2% of taxable income
Medicare levy purpose
Medicare levy purpose
Funds Australia's universal healthcare system