Jenny lives in the country of Snowland. Her taxable income is $25,000 per year. Snowland's income...
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Jenny lives in the country of Snowland. Her taxable income is $25,000 per year. Snowland's income tax schedule is provided below. Snowland also has a 2% Medicare Levy. What is her income tax payable including Medicare Levy (to the nearest dollar)? Please do not include dollar signs or commas in your answer. Marginal tax rate Bracket 1 2 3 4 5 Answer: Taxable income p.a. $0 to $10,000 $10,000 to $20,000 $20,000 to $40,000 $40,000 to $80,000 $80,000 or more 0% 10% 20% 30% 40% Tax on previous brackets $0 $0 $1,000 $5,000 $17,000 Jenny lives in the country of Snowland. Her taxable income is $25,000 per year. Snowland's income tax schedule is provided below. Snowland also has a 2% Medicare Levy. What is her income tax payable including Medicare Levy (to the nearest dollar)? Please do not include dollar signs or commas in your answer. Marginal tax rate Bracket 1 2 3 4 5 Answer: Taxable income p.a. $0 to $10,000 $10,000 to $20,000 $20,000 to $40,000 $40,000 to $80,000 $80,000 or more 0% 10% 20% 30% 40% Tax on previous brackets $0 $0 $1,000 $5,000 $17,000
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First we need to determine which tax bracket Jenny falls into based on her taxable incom... View the full answer
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
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