1 Press Ctrl-A ©G Dear2011 – Not to be sold/Free to use Refund or Tax Debt Stage 6 - Year 11 Applied Mathematic (Preliminary General 1)

2 End of Slide Calculate Tax Payable Taxable Income = $84,000 Tax =$17,850 +$0.38 x($84,000 - $80,000) = $19,370 Tax Paid = $22,150

3 Taxable Income Tax Calculation Tax on taxable income Medicare levy Medicare levy surcharge Financial supplement payment HELP Repayment Sub-total: Gross tax payable Tax withheld – salary and wages type income Tax withheld – voluntary agreement Tax withheld – where ABN not quoted Tax withheld – labour hire or other specified payment Tax withheld – where TFN not quoted Franking credits Australian franking credits from a New Zealand company Foreign resident withholding credits Share of credit for tax paid by trustee Tax offset used Early payment interest credit Sub-total: Total tax offsets and credits subtracted Estimated tax payable $84,000 $19,370 $1,260 $ $2,209 $18991 $50 $21,200 $570 Tax Paid = $22,150 Tax Payable = $18,991 End of Slide

4 Tax Paid = $22,150 Tax Payable = $18,991 Refund =Tax Paid- Tax Payable =$22,150- $18,991 = $3159 (Refund) Tax Paid = $17,150 Tax Payable = $18,991 Refund =Tax Paid- Tax Payable =$17,150- $18,991 = -$1841 (Tax Debt) What if too little tax was paid? End of Show