Allowable Tax Deductions and Taxable Income (HSC SSCE Mathematics Standard): Quizzes
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Practise the questions
10 questions from this quiz
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Practise the questions
10 questions from this quiz
What is an allowable tax deduction?
What is an allowable tax deduction?
Expense subtracted from gross income
Which expense is NOT mentioned as an allowable tax deduction?
Which expense is NOT mentioned as an allowable tax deduction?
Personal grocery shopping
To claim a deduction, the expense must be directly related to what?
To claim a deduction, the expense must be directly related to what?
Earning your income
Calculate total deductions: car 1060, tools 1260, training 985, union 650.
Calculate total deductions: car 1060, tools 1260, training 985, union 650.
$3955
A worker drove 7900 km for work at $0.70 per km. What's the car deduction?
A worker drove 7900 km for work at $0.70 per km. What's the car deduction?
$5530
What does gross income include?
What does gross income include?
All money earned from all sources
What is the formula for taxable income?
What is the formula for taxable income?
Gross income - Allowable deductions
Gross income 93,250, deductions 2890. What's the taxable income?
Gross income 93,250, deductions 2890. What's the taxable income?
$90,360
Weekly pay is $1624. What's the annual salary?
Weekly pay is $1624. What's the annual salary?
$84,448
Salary 87,620, shares 5680, royalties 7320, deductions 6472. Taxable income?
Salary 87,620, shares 5680, royalties 7320, deductions 6472. Taxable income?
$94,148