NA Use tax table to calculate tax payable (10+)

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Question statement

The table below shows the tax rates for Australian residents in the 2019-2020 financial year.

^{https://www.ato.gov.au/Rates/Individual-income-tax-rates/}

Give any introductory information the student needs.

			Name	Type	Generated Value

names	list	List of 7 items
NamesIndex	integer	1
BracketIndex	integer	0
IncomeBrackets	list	List of 4 items
TaxableIncome	integer	27864
TaxPayable	list	List of 4 items
TaxDue	number	1836.16
BaseAmount	list	[ 0, 3572, 20797, 54097 ]
Rate	list	[ 0.19, 0.325, 0.37, 0.45 ]
Level	list	List of 4 items
RowNumber	list	List of 4 items

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Generated value: `list`

[ "Jay", "Lucy", "Sue", "Tim", "Mark", "Ahmad", "Neera" ]

This variable doesn't seem to be used anywhere.

Advice

First, determine which row of the table you should use, based on the taxable income given.

The taxable income is ${formatnumber(TaxableIncome,"si-en")}, so you should use the {RowNumber[BracketIndex]} row in the given tax table.

This row says that no tax is payable on taxable incomes below $18 201 therefore the tax payable on ${formatnumber(TaxableIncome,"si-en")} is $0.

This row says that the tax payable is worked out by:

{Rate[BracketIndex]*100} cents for each $1 over ${formatnumber(Level[BracketIndex],"si-en")}.

Next, calculate how many dollars are above ${formatnumber(Level[BracketIndex],"si-en")}:

${formatnumber(TaxableIncome,"si-en")} - ${formatnumber(Level[BracketIndex],"si-en")} = ${formatnumber(TaxableIncome-Level[BracketIndex],"si-en")}

Finally, multiply the cents in the dollar rate (as a decimal) by this amount:

{Rate[BracketIndex]} x ${formatnumber(TaxableIncome-Level[BracketIndex],"si-en")} = ${trim(dpformat(Rate[BracketIndex]*(TaxableIncome-Level[BracketIndex]),2,"si-en"))}

The amount of tax payable is ${trim(dpformat(TaxDue,0,"si-en"))} to the nearest dollar.

This row says that the tax payable is worked out by:

${formatnumber(BaseAmount[BracketIndex],"si-en")} plus {Rate[BracketIndex]*100} cents for each $1 over ${formatnumber(Level[BracketIndex],"si-en")}.

Secondly calculate how many dollars are above ${formatnumber(Level[BracketIndex],"si-en")}:

${formatnumber(TaxableIncome,"si-en")} - ${formatnumber(Level[BracketIndex],"si-en")} = ${formatnumber(TaxableIncome-Level[BracketIndex],"si-en")}

Thirdly, multiply the cents in the dollar rate (as a decimal) by this amount:

{Rate[BracketIndex]} x ${formatnumber(TaxableIncome-Level[BracketIndex],"si-en")} = ${trim(dpformat(Rate[BracketIndex]*(TaxableIncome-Level[BracketIndex]),2,"si-en"))}

Finally, add this to the base amount:

${formatnumber(BaseAmount[BracketIndex],"si-en")} + ${trim(dpformat(Rate[BracketIndex]*(TaxableIncome-Level[BracketIndex]),2,"si-en"))} = ${trim(dpformat(TaxDue,2,"si-en"))}

The amount of tax payable is ${trim(dpformat(TaxDue,0,"si-en"))} to the nearest dollar.

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NA Use tax table to calculate tax payable (10+)

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Taxonomy: mathcentre

Taxonomy: Kind of activity

Taxonomy: Context

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Adelle Colbourn 4 years, 5 months ago

Adelle Colbourn 4 years, 9 months ago

Adelle Colbourn 4 years, 11 months ago

Adelle Colbourn 5 years, 5 months ago

Adelle Colbourn 5 years, 8 months ago

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Generated value: `list`

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NA Use tax table to calculate tax payable (10+)

Metadata

Taxonomy: mathcentre

Taxonomy: Kind of activity

Taxonomy: Context

Contributors

Feedback

History

Comment

Checkpoint description

Adelle Colbourn 4 years, 5 months ago

Adelle Colbourn 4 years, 9 months ago

Adelle Colbourn 4 years, 11 months ago

Adelle Colbourn 5 years, 5 months ago

Adelle Colbourn 5 years, 8 months ago

Error in variable testing condition

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Warning

Generated value: list

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Number entry

Advanced settings

Generated value: `list`