Income tax and investment calculator, Taxation

Income Tax and Investment Calculator

Your task is to produce a Java program, which can calculate income tax and investment growth based on the yearly income/salary of an individual. Below the details are described (The rules in this assignment are different from Australia Taxation Office).

Problem description

In Australia, a taxpayer's income is taxed progressively. Progressive taxation means that higher income earners pay more tax than lower income earners. The following tables detail the tax brackets of our progressive tax system for the financial years ending 30 June 2010 and 30 June 2011. Note that the first table is for Australian residents and the next one is for non residents.

Tax rates 2010-11 - residents

Taxable income

Tax on this income

$0 - $6,000

Nil

$6,001 - $37,000

15c for each $1 over $6,000

$37,001 - $80,000

$4,650 plus 30c for each $1 over $37,000

$80,001 - $180,000

$17,550 plus 37c for each $1 over $80,000

Over $180,001

$54,550 plus 45c for each $1 over $180,000

Posted Date: 3/8/2013 4:57:11 AM | Location : United States







Related Discussions:- Income tax and investment calculator, Assignment Help, Ask Question on Income tax and investment calculator, Get Answer, Expert's Help, Income tax and investment calculator Discussions

Write discussion on Income tax and investment calculator
Your posts are moderated
Related Questions
Q. What is Taxpayer Identification Number? Taxpayer Identification Number (TIN) - Any taxable entity or other individual that is required to file a return, statement or any oth

Kyle worked as a free-lance software engineer for the first three months of 2013. During that time, he earned $78,000 of self-employment income. On April 1, 2013, Kyle took a job a

Kline Company, an accrual basis calendar year corporation, reported $560,000 net income before tax on its financial statements prepared in accordance with GAAP for 2011. Kline's re

A fund that is managed by a trust company or a bank and deals with pooled collection of trust accounts. Collective investment funds combine together the assets of several individua

Define VAT? what is excise? VAT refers for value added tax, that is termed as charged on profit earned by firm, for example example: let suppose a business man sells a product of U

Simon works as a chiropractor for a small partnership of three other professionals who employ him to work in the office four days each week. Simon earns over $90,000 per year. Eac

You have been offered a unique investment opportunity today; you will receive $500 one year from now. If you invest $10,000 today, you will receive $500 one year from now, $1500 tw

a.  Explain how the variable called "Respectful Procedure" is constructed from the authors' survey responses. (What values can the variable take on? Does a bigger number mean more

Gustav Ltd commenced operations on 1 July 2011 and presents its first statement of comprehensive income for the year ending 30 June 2012 and first statement of financial position a

Melissa Tang has recently sold her stake in Global Manufacturing Ltd., a firm that she founded in 1990, for $15 million. She is now trying to decide how best to invest the proceeds