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7.07 Tax deductions and taxable income

Interactive practice questions

Emma's total allowable deductions for the year are $\$493$$493.

If her gross annual income is $\$25000$$25000, calculate her taxable income for the year.

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The table below lists items that are allowable deductions.

Dave earned a gross income of $\$60500$$60500 last financial year. He gave $\$160$$160 to various charities, contributed $\$700$$700 to his super account, contributed $\$137$$137 to the nurse union which he is a member of, and spent $\$119$$119 in total on cleaning expenses for his uniform.

The table below lists items that are allowable deductions.

Using the table, answer the questions below.

Hannah earns a salary of $\$86220$$86220 and claims $\$1293$$1293 for work-related expenses. She also contributes $\$190$$190 to charities throughout the year.

Calculate her taxable income.

Outcomes

MS11-5

models relevant financial situations using appropriate tools

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