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7.08 Calculating income tax and medicare levy

Interactive practice questions

Each week Jack has $\$195$$195 in PAYG tax withheld. How much does Jack pay in PAYG tax installments in a full financial year?

Assume that there are $52$52 weeks in a year.

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The Medicare levy is charged at $2%$2% of taxable income. Calculate the Medicare levy on a taxable income of $\$60000$$60000.

In the last financial year, Carl was paid a wage every month, and each week there was $\$61$$61 deducted as PAYG tax.

Consider Pauline's taxable income of $\$158$$158$810$810.

Outcomes

MS11-5

models relevant financial situations using appropriate tools

MS11-6

makes predictions about everyday situations based on simple mathematical models

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