Li is on an annual gross salary of $$60,000$ per annum.

Resident Tax Rates $2022-2023$

Taxable Income

$10-$ $$18,200$

$$18,201-$ $$45,000$

$$45,001-$ $$120,000$

$$120,001-$ $$180,000$

$$180,001$ and over

Tax on this income

Finish atte

Time left $2$:

$19$ cents for each $$1$ over $$18,200$

$$5,092$ plus $32\mathrm{.}5$ cents for each $$1$ over $$45,000$

$$29,467$ plus $37$ cents for each $$1$ over $$120,000$

$$51,667$ plus $45$ cents for each $$1$ over $$120,000$

A

Using the table above please calculate the following:$-$

$1.$ What is the income tax payable on Bob's salary $($ignoring the Medicare levy of $2\%$ and any applicable tax offsets$)?$

$2.$ What is Bob's net income $($income after tax$)?$

$3.$ What is the gross super guarantee amount $($SG contribution$)$ that Bob's employer must contribute to Bob's

superannuation fund per annum? Assume a $10\mathrm{.}5\%$ contribution to Super by the employer.

$4.$ What is the net $($after$-$tax$)$ SG contribution that Bob receives per annum?

$5.$ What would be a strategy to recommend to Bob in meeting the objective of providing for a comfortable retirement?

Answer rating: 100% (QA)

1 To calculate Bobs income tax payable well use the provided tax rates 18200 taxed at 0 18201 45000 ... View the full answer