Ms. Johnson is a single individual with a taxable income of $85,000 for the financial year 2022.
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Question:
Ms. Johnson is a single individual with a taxable income of $85,000 for the financial year 2022. She has made a concessional contribution of $10,000 to her superannuation fund during the year. Calculate Ms. Johnson's tax payable and her after-tax income for the year. Assume that Ms. Johnson is not eligible for any tax offsets or deductions other than the concessional contribution to her superannuation fund. The concessional contributions cap for the financial year 2022 is $27,500.
The individual tax rates for the 2022 financial year are as follows:
- 0% on the first $18,200
- 19% on income between $18,201 and $45,000
- 32.5% on income between $45,001 and $120,000
- 37% on income between $120,001 and $180,000
- 45% on income over $180,000
Related Book For
Federal Taxation 2016 Comprehensive
ISBN: 9780134104379
29th Edition
Authors: Thomas R. Pope, Timothy J. Rupert, Kenneth E. Anderson
Posted Date: