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Calculating Tax - Questions

Question 1
66001

Julia earns a gross wage of $810 per week as a shop assistant. She also earned $5600 from her YouTube account this financial year. Julia had tax deductions totalling $2560. She paid $6078 in PAYG tax throughout the financial year.

Tax rates for the 2019 financial year
\begin{array}{|l|l|l|}
\hline \text { Taxable income } & \text { Tax rate } & \text { Tax payable } \\
\hline 0-\$ 18200 & 0 \% & \text { Nil } \\
\hline \$ 18200-\$ 37000 & 19 \% & 19 \text { cents for each } \$ 1 \text { over } \$ 18200 \\
\hline \$ 37001-\$ 90000 & 32.5 \% & \$ 3572 \text { plus } 32.5 \text { c for each } \$ 1 \text { over } \$ 37000 \\
\hline \$ 90001-\$ 180000 & 37 \% & \$ 20797 \text { plus } 37 \text { c for each } \$ 1 \text { over } \$ 90000 \\
\hline \$ 180001 \text { and over } & 45 \% & \$ 50097 \text { plus } 45 \text { c for each } \$ 1 \text { over } \$ 180000 \\
\hline
\end{array}
Note: A Medicare levy of \(2 \%\) of your taxable income must also be paid each year.

i) Calculate the income tax she should have paid for the year (including the Medicare levy of 2%)

ii) Julia did not pay enough tax. How much money did she need to give the tax office at the end of the financial year?

iii) Calculate the PAYG tax that should have come out of her pay each week so that she would have paid the correct amount of tax.

i) $7127.20

ii) $1049.20

iii) $137.06

Question 2
58962

Mary's taxable income is $52,405

(i) Mary's medicare levy is 2%. Calculate the levy

(ii) Calculate Mary's tax, including the medicare levy

(i)  $1048.10

(ii)  $9626.73

Question 3
58961

John's taxable income is $85,404. 

(i)  Find the tax payable on the amount

(ii)  What percentage of his income is paid in tax?

\begin{array}{|l|l|}
\hline \text { Taxable Income } & \text { Tax Payable } \\
\hline 0-\$ 18200 & \text { Nil } \\
\hline \$ 18201-\$ 37000 & \text { Nil }+19 \text { cents for each } \$ 1 \text { over } \$ 18200 \\
\hline \$ 37001-\$ 87000 & \$ 3572+32.5 \text { cents for each } \$ 1 \text { over } \$ 37000 \\
\hline \$ 87001-\$ 180000 & \$ 19822+37 \text { cents for each } \$ 1 \text { over } \$ 87000 \\
\hline \$ 180001 \text { and over } & \$ 54232+45 \text { cents for each } \$ 1 \text { over } \$ 180000 \\
\hline
\end{array}

(i) $19,303.30

(ii) 22.6%

Question 4
58963

Lucy's taxable income is $85,490. Her tax installments paid were $25,400.

(i)  Lucy's calculated tax is?

(ii)  Lucy's refund on tax owing is?

\begin{array}{|l|l|}
\hline \text { Taxable Income } & \text { Tax Payable } \\
\hline 0-\$ 18200 & \text { Nil } \\
\hline \$ 18201-\$ 37000 & \text { Nil }+19 \text { cents for each } \$ 1 \text { over } \$ 18200 \\
\hline \$ 37001-\$ 87000 & \$ 3572+32.5 \text { cents for each } \$ 1 \text { over } \$ 37000 \\
\hline \$ 87001-\$ 180000 & \$ 19822+37 \text { cents for each } \$ 1 \text { over } \$ 87000 \\
\hline \$ 180001 \text { and over } & \$ 54232+45 \text { cents for each } \$ 1 \text { over } \$ 180000 \\
\hline
\end{array}

(i) $19,331.25

(ii) $6068.75

Question 5
58964

Chloe earns an income of $86,400 she also has $80,200 in a bank account that earns a flat interest rate of 4%

(i) How much interest does chloe earn from her bank account each year?

(ii)  Calculate Chloe's tax payable

\begin{array}{|l|l|}
\hline \text { Taxable Income } & \text { Tax Payable } \\
\hline 0-\$ 18200 & \text { Nil } \\
\hline \$ 18201-\$ 37000 & \text { Nil }+19 \text { cents for each } \$ 1 \text { over } \$ 18200 \\
\hline \$ 37001-\$ 87000 & \$ 3572+32.5 \text { cents for each } \$ 1 \text { over } \$ 37000 \\
\hline \$ 87001-\$ 180000 & \$ 19822+37 \text { cents for each } \$ 1 \text { over } \$ 87000 \\
\hline \$ 180001 \text { and over } & \$ 54232+45 \text { cents for each } \$ 1 \text { over } \$ 180000 \\
\hline
\end{array}

(i)  $3208

(ii)  $20786.96

Question 6
10261

Tong's taxable income is $52,480. His medicare levy is 2% of his taxable income. The total amount due to the taxation department including the medicare levy is?

\begin{array}{|l|l|}
\hline \text { Taxable Income } & \text { Tax Payable } \\
\hline 0-\$ 18200 & \text { Nil } \\
\hline \$ 18201-\$ 37000 & \text { Nil }+19 \text { cents for each } \$ 1 \text { over } \$ 18200 \\
\hline \$ 37001-\$ 87000 & \$ 3572+32.5 \text { cents for each } \$ 1 \text { over } \$ 37000 \\
\hline \$ 87001-\$ 180000 & \$ 19822+37 \text { cents for each } \$ 1 \text { over } \$ 87000 \\
\hline \$ 180001 \text { and over } & \$ 54232+45 \text { cents for each } \$ 1 \text { over } \$ 180000 \\
\hline
\end{array}

$9652.60

Question 7
10256

Fred has a taxable income of $124,680 what percentage of his income is paid in tax?

27.1%

Question 8
10253

The Medicare levy is 2% of the taxable income. What is the medicare levy if the taxable income is $84,600.

$1692

Question 9
10252

Use the tax table to calculate the tax on a taxable income of $80,000.

\begin{array}{|l|l|}
\hline \text { Taxable Income } & \text { Tax Payable } \\
\hline 0-\$ 18200 & \text { Nil } \\
\hline \$ 18201-\$ 37000 & \text { Nil }+19 \text { cents for each } \$ 1 \text { over } \$ 18200 \\
\hline \$ 37001-\$ 87000 & \$ 3572+32.5 \text { cents for each } \$ 1 \text { over } \$ 37000 \\
\hline \$ 87001-\$ 180000 & \$ 19822+37 \text { cents for each } \$ 1 \text { over } \$ 87000 \\
\hline \$ 180001 \text { and over } & \$ 54232+45 \text { cents for each } \$ 1 \text { over } \$ 180000 \\
\hline
\end{array}

$17,547

Question 10
10258

Anna's gross income is $151,000. Her allowable tax deductions are $9420. Anna pays $780 per week in tax. What amount will Anna receive or refund?

\begin{array}{|l|l|}
\hline \text { Taxable Income } & \text { Tax Payable } \\
\hline 0-\$ 18200 & \text { Nil } \\
\hline \$ 18201-\$ 37000 & \text { Nil }+19 \text { cents for each } \$ 1 \text { over } \$ 18200 \\
\hline \$ 37001-\$ 87000 & \$ 3572+32.5 \text { cents for each } \$ 1 \text { over } \$ 37000 \\
\hline \$ 87001-\$ 180000 & \$ 19822+37 \text { cents for each } \$ 1 \text { over } \$ 87000 \\
\hline \$ 180001 \text { and over } & \$ 54232+45 \text { cents for each } \$ 1 \text { over } \$ 180000 \\
\hline
\end{array}

Receive $543

Question 11
10536

Use the adjacent tax table to calculate the tax on a taxable income of $50,000.

$7797

Question 12
10545

Lauren's taxable income is $92,480. Her Medicare levy is 2% of her taxable income. The total amount due to the tax department including the Medicare levy is?

$23,699.20

Question 13
25955

Amelia's gross income is $78,000. Her allowable tax deductions are $4,240. Amelia pays $640 per fortnight in tax. 

\begin{array}{|l|l|}
\hline \text { Taxable Income } & \text { Tax Payable } \\
\hline 0-\$ 18200 & \text { Nil } \\
\hline \$ 18201-\$ 37000 & \text { Nil }+19 \text { cents for each } \$ 1 \text { over } \$ 18200 \\
\hline \$ 37001-\$ 87000 & \$ 3572+32.5 \text { cents for each } \$ 1 \text { over } \$ 37000 \\
\hline \$ 87001-\$ 180000 & \$ 19822+37 \text { cents for each } \$ 1 \text { over } \$ 87000 \\
\hline \$ 180001 \text { and over } & \$ 54232+45 \text { cents for each } \$ 1 \text { over } \$ 180000 \\
\hline
\end{array}

Using the table above or otherwise

(i) What is Amelia's taxable income? 

(ii) How much tax has Amelia paid over the year? 

(iii) Calculate the amount of tax payable by Amelia. 

(iv) Calculate the amount that Amelia will receive or refund from the ATO. 

(i) $73,760

(ii) $16,640

(iii) $15,519

(iv) $1,121 refund