Please do the working out with the tax formulas i have added

Question 2: Case study You are a financial adviser, and the following information is an extract of data you gathered as part of fact-finding during an initial client consultation for a married couple, Philip (aged 56) and Brittney (aged 55) McVey. The couple attended university together, started their careers simultaneously, and married within four years of graduating from university. Brittney left her well-established banking job upon the birth of her first child. The couple has three children. After the youngest child completed 10th grade, Brittney re-entered the workforce as a human resources administrator. All three children are now financially independent and successful in their careers. Philip is the local head of an international distribution firm. Brittney is concerned about her superannuateon balance and is anxious to find ways to increase it. The couple would like advice on how to reduce their tax liability in the future. Income and Expenditure for the year ended 30th June 2024: Income type (ownership) Amount Gross Salary- (Brittney) $57,000.00 Gross Salary- (Philip) $135,000.00 ANZ Term Depost Interest (Philip) $4,500.00 ANZ Bond Fund- Distribution (Philip) $4,000.00 $2,100.00 Caltex Dividend- Dividend $1.10 per share- (Philip) $900 Imputation Credit Expenses Amount Food $13,500.00 Clothing/Haircuts/Beauty $4,500.00 Medical/Dental Treatment $2,500.00 Deductible gift recipient (DGR) Charity (Philip) $2,500.00 Gifts - Birthdays/Christmas $5,000.00 Total $88,235.00Asset and Liabilities as of June 30th, 2024 Assets (Ownership) Current valuation Home and Contents (Joint) $850,000.00 Cars (Two- Joint) $70,000.00 ANZ Term Deposit (Philip) $100,000.00 Investments: ANZ Bond Fund- (Philip) $80,000.00 Caltex Shares - (Philip) $50,000.00 Superannuateon- (Philip) $660,000.00 Superannuateon- (Brittney) $135,000.00 Liability (Ownership) Current valuation Mortgage (Join) $330,000.00 Credit cards (Joint) (Includes the annual interest cost) $6,000.00 . PAYG (Philip) $31,000.00 Required: A. Calculate Philip and Brittney's after-tax income for the year ended June 30th, 2024. Explain how Philip and Brittney could reduce their tax liability by splitting their income. Show the effect this strategy would have had if they had split income for the tax year ended.TAX RATES & FORMULA SHEET - ACCT2286 Superannuateon and Retirement The rates will be used during the course for the year 2024. TAXATION ncome Tax Rates Individual Tax Rates (Adult Australian Residents) - 2023/2024 Taxable Income Marginal Tax Rate | Tax Payable $0 - $18,200 0% Nil $18,201 - $45,000 19% $0 + 19% on the excess over $18,200 $45,001 - $120,000 32.5% $5,092 + 32.5% on the excess over $45,000 $120,001 - $180,000 37% $29,467 + 37% on the excess over $120,000 $180,001 + 45% $51,667 + 45% on the excess over $180,000 The above rates do NOT include the Medicare levy of 2% Medicare Levy (for the year ended 30 June 2024)* Taxable Income Thresholds(individual) Medicare Levy Rate $0 to $24,276 Nil $24,276 - $30,345 10% of excess over $24,276 Above $30,345 2% of taxable income *Please note that there are different income thresholds for families, seniors, and pensioners. These are not required in this course. The above rates will be used during the course for the year 2024. Medicare Levy Surcharge (MLS) (for the year ended 30 June 2024) The MLS below applies to singles and families that do not have private health insurance. Income Level Threshold Tier 1 Tier 2 Tier 3 Singles $93,000 or less $93,001 - $108,001 - $144,001 or more $108,000 $144,000 Families $186,000 or less $186,001 - $216,001 - $288,001 or more $216,000 $288,000 Medicare Levy Surcharge (MLS) MLS Rate 0.0% 1.0% 1.25% 1.5% The family income threshold is increased by $1,500 for each MLS dependent child after the first child Tax Rates for Minors - 2023/2024 Unearned Income Tax Payable SO - $416 Ni $417 - $1,307 $0 + 66% of the excess over $416 Over $1,307 45% of the total amount of unearned income Other Tax Rates - 2023/2024 Complying superannuateon fund 15% Non-complying superannuateon fund 45% + 2% Medicare levy Company Tax 30% Turnover > $50 Million 25.00 % Turnover