last year sam earned a salary of $44,536 working as a kitchen hand at a local restaurant.
1.use the following table to calculate Sam's tax.(assume all the salary is taxable income)
taxable income tax on this income
$0-$6,000 nil
$6,001-$34,000 15c for each $1 over $6,000
$34,001-$80,000 $4,200 puls 30c for each $1 over $34,000
$80,001-$180,000 $18,000 plus 40c for each $1 over $80,000
$180,000- and over $58,000 plus 45c for each $1 over $180,000
2. calculate the government insurance levy(payable 1.5% of Sam's salary).
3.find Sam's after-tax income for the year, that is subtract the tax and insurance levy from the salary.
4.divide Sam's after-tax income by 365 and multiply the result by 7. this amount represents Sam's weekly after-tax income(where taxes have been removed)
the restaurant is owner is pleased with Sam's work and offered to pay him a 10% pay rise.
5.what is 10% of Sam's salary of $44,536?
6. how much will sam expect to earn, before tax this year once the %10 increase has been added?
7. recalculate
sams total tax obligations, including the government insurance levy.
8.calculate sams new:
yearly after-tax income.
weekly after-tax income.
9. how much extra after tax income will sam recive each week?
10. divide sams extra after-tax income by his original after tax income.
record the result.
11.comment on your finding.
if there was was a yearly salary of $69,093
12, investigate the increase in after-tax incomes when a further 10% is added.
determine the tax obligations(including the goverment insurence levy)
calculate the weekly after-tax income
increase the original before-tax salary by 10%
calculate the new tax obligations.
calculate the new weekly after-tax income.
compare the weekly after-tax income(before and after the 10% increase)
do it again for for a salary of $33,982.
1.use the following table to calculate Sam's tax.(assume all the salary is taxable income)
taxable income tax on this income
$0-$6,000 nil
$6,001-$34,000 15c for each $1 over $6,000
$34,001-$80,000 $4,200 puls 30c for each $1 over $34,000
$80,001-$180,000 $18,000 plus 40c for each $1 over $80,000
$180,000- and over $58,000 plus 45c for each $1 over $180,000
2. calculate the government insurance levy(payable 1.5% of Sam's salary).
3.find Sam's after-tax income for the year, that is subtract the tax and insurance levy from the salary.
4.divide Sam's after-tax income by 365 and multiply the result by 7. this amount represents Sam's weekly after-tax income(where taxes have been removed)
the restaurant is owner is pleased with Sam's work and offered to pay him a 10% pay rise.
5.what is 10% of Sam's salary of $44,536?
6. how much will sam expect to earn, before tax this year once the %10 increase has been added?
7. recalculate
sams total tax obligations, including the government insurance levy.
8.calculate sams new:
yearly after-tax income.
weekly after-tax income.
9. how much extra after tax income will sam recive each week?
10. divide sams extra after-tax income by his original after tax income.
record the result.
11.comment on your finding.
if there was was a yearly salary of $69,093
12, investigate the increase in after-tax incomes when a further 10% is added.
determine the tax obligations(including the goverment insurence levy)
calculate the weekly after-tax income
increase the original before-tax salary by 10%
calculate the new tax obligations.
calculate the new weekly after-tax income.
compare the weekly after-tax income(before and after the 10% increase)
do it again for for a salary of $33,982.