Definitions
Define the term 'tax'.
It is money paid to governments.
How much tax must be deducted from a weekly Gross Wage of $1850?
$485
How much annual tax will you pay if you earn $15000?
Nil
What does PAYG stand for?
Pay As You Go
How much tax must be deducted from a weekly Gross Wage of $550?
$48
Calculate the annual tax will you pay if you earn $18,201
1 x 0.19 = $0.19
NET PAY
What is the Net Pay for a Gross Wage of $1050?
$850
Calculate the annual tax will you pay if you earn $50,000
5092 + (50000 - 45000) x 0.325
= 5092+ 5000 x 0.325
= $6717
What does ATO stand for?
Australian Tax Office
What is the Net Pay for a Gross Wage of $700?
$620
Calculate the annual tax will you pay if you earn $180,001
51667 + (180001- 180000) x 0.45
= 51667 + 1 x 0.45
= $51,667.45
Define Net Pay
What is the net pay if the Gross Weekly Wage is $1550?
$1177
Calculate the annual tax will you pay if you earn $100,000
5092 + (100000 - 45000) x 0.325
= 5092 + 55000 x 0.325
= $22,967