Income tax and investment calculator, Taxation

Assignment Help:

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


Related Discussions:- Income tax and investment calculator

Federal tax brackets, Income tax groupings given by the Internal Revenue Se...

Income tax groupings given by the Internal Revenue Service (IRS) that decide that at what rate an individual, corporation's or trust, annual income will expose to federal income ta

Describe how your  firm creates value, Describe how your  firm creates valu...

Describe how your  firm creates value: Q: a. Dividends are tangible. Unrecognized capital gain is paper money. So, Dividends are always preferable to no payouts by the firm. Di

Deadweight loss, Suppose there is a negative externality associated with th...

Suppose there is a negative externality associated with the production of aluminum due to the pollution it creates. Is the market quantity of aluminum efficient? Is there a deadwe

Taxable income for the year, Avis's taxable income for the year is $300,000...

Avis's taxable income for the year is $300,000 and Best's taxable income for the year is $425,000. For each of the scenarios provided, (a) state if a control group has been created

Determine the taxable income and tax payable, Justin's parents operate a re...

Justin's parents operate a restaurant business through a family trust, The Pepper Family Trust, which had the following receipts and expenses for the year ended 30 June 2011 (the b

Estimated tax payment, Leonard Anthony Silverman and Janice Marie Silverman...

Leonard Anthony Silverman and Janice Marie Silverman, a married couple, live at 17323 Cheryll Parkway Houston, Texas 77056-3672.  Their home telephone number is (713) 937-5629, hom

Corporate Taxation, A owns all of the stock of X. The stock’s basis is $2,...

A owns all of the stock of X. The stock’s basis is $2,300. X has a total of current earnings and profits of $1,500 but accumulated earnings and profits of negative $500 (i.e., an

Inherentance., Where do I file a person''s life insurance and what they hav...

Where do I file a person''s life insurance and what they have inherited.

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd