WorkSHEET 2.2
Taxation
Name: ___________________________
Note: A table of tax rates and the Medicare levy are included at the end of this Worksheet.
1
Calculate the income tax on $45 000.
2
Francis has an annual income of $91 000. She
has to pay income tax and the Medicare levy
on this income. Calculate the total tax payable.
3
Irene earns $660 per week.
(a) Calculate Irene’s annual income.
(b)
Calculate the income tax on this annual
income.
(c)
Calculate the Medicare levy.
(d)
Calculate the total tax payable.
(e)
Calculate the amount of tax to be
deducted weekly from Irene’s pay.
© John Wiley & Sons Australia, Ltd 2008
1
Maths Quest A Year 11 for Queensland 2e
WorkSHEET 2.2 Taxation
4
Karen earns $3600 per fortnight. Calculate the
PAYG tax owing on this fortnightly income.
(Remember to include the Medicare levy.)
5
Last year, Alan had a taxable income of
$108 450 and he paid $33 577 in PAYE tax.
Alan has no private health insurance and so
must pay the Medicare levy surcharge of an
extra 1% of gross pay. Determine the amount
of Alan’s tax refund or tax debt.
6
Jeremy earned $57 200 from his salary and
$550 from bank interest. He had $1730 of tax
deductions and paid PAYG tax of $11 300.
Determine whether or not Jeremy has paid
sufficient tax.
© John Wiley & Sons Australia, Ltd 2008
2
Maths Quest A Year 11 for Queensland 2e
WorkSHEET 2.2 Taxation
7
The pre-GST price of a set of golf clubs is
$450. Calculate the GST payable on the
purchase of the golf clubs.
8
The pre-GST price of a tennis racquet is $80.
Calculate the selling price including GST.
9
A pizza meal costs $16.50 including GST.
Calculate the pre-GST price of the meal.
10
A VAT of 12.5% is levied in New Zealand.
Calculate the VAT paid if Georgia pays $90
(including VAT) for a day trip.
© John Wiley & Sons Australia, Ltd 2008
3
Maths Quest A Year 11 for Queensland 2e
WorkSHEET 2.2 Taxation
Taxation rates
Taxable income
$0 – $6000
$6001 – $34 000
$34 001 – $80 000
$80 001 – $180 000
Over $180 000
Tax on this income
Nil
15c for each $1 over $6000
$4200 plus 30c for each $1 over $34 000
$18 000 plus 40c for each $1 over $80 000
$58 000 plus 45c for each $1 over $180 000
Medicare levy
The basic Medicare levy is 1.5% of taxable income.
The Medicare levy surcharge applies for those without private hospital cover.
The income threshold upon which families are charged the Medicare levy surcharge
(an extra 1% of gross income) is $150 000 per annum. This threshold changes
depending on the number of children in the family.
For a single person, the surcharge applies if their income exceeds $100 000 per annum.
© John Wiley & Sons Australia, Ltd 2008
4