A taxpayer earns a salary of $80,000 in the financial year 2022. The tax rate for the
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A taxpayer earns a salary of $80,000 in the financial year 2022. The tax rate for the first $50,000 of taxable income is 20% and the tax rate for taxable income above $50,000 is 35%. The taxpayer has also made a deductible contribution of $10,000 to their superannuation fund. Calculate the taxpayer's taxable income, tax payable, and after-tax income for the financial year 2022.
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
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