Tax
What does the ATO contribute to with tax money?
Roads, hospitals, schools, defence, etc.
What is superannuation?
A personal investment account for use in retirement.
If Hela earns $1490 for 32 hours of work, calculate her rate of pay.
$1490 / 32
= $46.56 per hour
Gross payment is the money earned before tax is taken out?
TRUE
Who is the famous Australian playing Barbie in the new Barbie movie?
Margot Robbie
What is the consequence of not having a TFN?
You will pay more tax and you cannot access any government benefits.
What is the dollar amount that yearly contributions are capped at?
$25,000
Calculate the amount Loki earned for a 5 hour shift, if his rate of pay is $23.80 per hour.
23.80 x 5
= $119
Having a Tax File Number is mandatory
FALSE
Who won the State of Origin (men) in 2023
Queensland
Nil
What is the percentage of superannuation contributed by an employer?
9.5%
If Odin works for 9am to 5:15pm. Calculate the amount of hours he has worked.
8 hours and 15 minutes
8 hours + (15/60) hours
8 hours + 0.25 hours
=8.25 hours
PAYG stands for Pay As You pass GO, so you can collect your $200.
FALSE: Pay As You Go
Who is playing the Little Mermaid in the 2023 movie?
Halle Bailey
Thor earnt a gross income of $84,500 in the last financial year working as a meteorologist. He calculated that he spent $3845 on work related expenses. Calculate Thor's taxable income.
$84,500 - $3845
= $80,655
How much money do you have to earn as a minimum, for your employer to contribute to your superannuation?
$450
Korg was rostered to for 8.5 hours which included a 30 minute lunch break (unpaid). If his rate of pay is $28.60, Calculate his earnings for that shift.
8.5 hours - 0.5 hours (lunch break)
8 x 28.60
= $228.80
FALSE
You got a fast car
I got a plan to get us out of here
I been working at the convenience store
Managed to save just a little bit of money
Won't have to drive too far
WHAT IS THE NEXT LINE?
Just 'cross the border and into the city
Thor's taxable income was $80,655 in the last financial year. Calculate the total amount of tax he paid.
5092 + (35,685 x 0.325)
5092 + 11,597
$16,689
Can you access your super fund before you retire?
Yes: conditionally.
Valkyrie works at a karate studio where she earns $15.90 per hour. She was working on boxing day, which has a penalty rate of double time and a half and works a 7 hour shift. Calculate her earnings for the day.
15.90 x 7 x 2.5
=$278.25
TRUE
Who won the 2023 Women's state of origin series?
Queensland