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


$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
What is the amount of tax expense? Describe the controversy with respect to the recognition of deferred tax liabilities?

how work contract tax is to be shown in the invoice?

Research Problem 2: Carol is a successful physician who owns 100% of her incorporated medical practice. She and her husband, Jared, are considering the purchase of a commercial off

Ace Company has a 25 percent marginal tax rate and uses a 10% discount rate to compute NPV. The firm started a venture that will yield the following before-tax cash flows: year 0,

In response to rising obesity, a number of pundits have proposed taxing corn syrup, an ingredient in most soda pop. Let's consider the market for corn syrup assuming this tax take

An unsecured short-term loan, generally issued to finance short-term liabilities, which gives the debt holdersĀ (bondholders) some level of tax choice on the earnings fromĀ their deb

Independence Standard Board (ISB) - This is private sector standard-setting body governing the independence of AUDITORs from their public company clients. It came about from discus

Guay Corp a start up company provided services that were acceptable to its customers and billed those customers for $350,000 in 2012. However, Guay collected only $280,000 cash in

income tax and its many types

Tax Liability Calculation Morgan (age 45) is single and provides more than 50% of the support of Rosalyn (a family friend), Flo (a niece, age 18), and Jerold (a nephew, age 18). Bo