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

Ask an Expert

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

Write your message here..

Related Questions

Real Estate Taxation - 1031 Like-Kind Exchange, The taxpayer exchanges prop... The taxpayer exchanges property in 2010 with a fair market value of $5,500,000 that has a basis of $750,000. The property is also subject to a mortgage of $2,500,000. The taxpaye

Statements on Standards for Tax Services, 28) Explain how Treasury Departme... 28) Explain how Treasury Department Circular 230 differs from the AICPA’s Statements on Standards for Tax Services.

Tax, which type of tax, direct or indirect is applicable in any country (ex... which type of tax, direct or indirect is applicable in any country (example underdeveloped countries)? Why? Show your critical areas and weaknesses.

Advanced tax, The Madison Restaurant was formed a S corporation at the end ... The Madison Restaurant was formed a S corporation at the end of last year. Bob Buron, owns 60% of the stock, manages the restaurant. Ray Huges owns the remaining 40%

Calculate the paid tax, Many years ago, in an effort to keep its costs down... Many years ago, in an effort to keep its costs down, Prince Enterprises hired a bookkeeper rather than a fully qualified accountant to prepare its accounting records and corporate

Determine dividends per equity share, Provide at least 4 reasons why a firm... Provide at least 4 reasons why a firm may prefer to repurchase stock than to pay out dividends. What factors have influenced the strong growth in repurchase over the last two decad

Income tax, how to compute income tax how to compute income tax

How much net income, Guay Corp a start up company provided services that we... 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

What are the tax status of the property, Miguel receives tangible personal ... Miguel receives tangible personal property as an inheritance in 2011. The property was depreciated by the deceased (Miguel's father), and Miguel will also depreciate it. At the dat

Compute income tax, Assume that a large copy machine is being purchased by ... Assume that a large copy machine is being purchased by your employer. the cost is 200.000$. the manufacturer claims it has a useful life of 8 years. this machine will lower operati