Tax rates, Taxation

Assignment Help:

Taxable income

Tax on this income

$0 - $37,000

29c for each $1

$37,001 - $80,000

$10,730 plus 30c for each $1 over $37,000

$80,001 - $180,000

$23,630 plus 37c for each $1 over $80,000

Over $180,001

$60,630 plus 45c for each $1 over $180,000

 Residents are also required to pay 1.5% of Medicare levy if your taxable income is greater than $20,000, which is calculated at 1.5% of your taxable income. Non-residents are not required to pay the Medicare levy.

The first task of the program is to calculate the appropriate income tax for an individual based on a set of inputs by the user and the information provided in the Tax tables above. The user should provide the program with

  • Name (the name needs to have at least two names - first name and last name; if not, the program will show an error message and ask the user the name again),
  • Annual income/Salary (income) for an entire year (the salary needs to be a positive number and different from zero; if not, the program will show an error message and ask the salary again)
  • Residence - if the user is a resident or not.

The program is then expected to display:

the net salary of this particular individual per year and per week, rounded to two decimal places (where appropriate).

The correct amount of tax the individual should pay per year and per week (as defined by the Tax rates above), rounded to two decimal places (where appropriate).

If the individual pays the Medicare Levy and if so, how much per year rounded to two decimal places (where appropriate).


Related Discussions:- Tax rates

1040 Project in Tax Individuals US, Hi Dear, Could you please do my Proj...

Hi Dear, Could you please do my Project in Tax individuals class ..!! and I attached the all Instructions. Thank you

Tax court, 1. Although she left her job in November of Year 1, Patrice was ...

1. Although she left her job in November of Year 1, Patrice was entitled to a year-end bonus. On December 30, her former boss called her to let her know the check was available. Pa

K- vat 2003, i want some problems with solutions on karnataka value added t...

i want some problems with solutions on karnataka value added tax 2003

Deferred tax assets, Prepare answers to each of the following questions.  A...

Prepare answers to each of the following questions.  Assume a tax rate of 30%. (i) Harry Ltd has a balance of prepaid rent in the balance sheet amounting to $100 000 as at 30 Ju

.calculate the semi annual interest payments, 1. a company issues $10,000, ...

1. a company issues $10,000, 10%, 5 year bonds with semi annual payments principal amount, face value matuity value or par value: $10,000 stated or contract interest rate: 10% (per

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.

Change in estimate using the reallocation method, Consider the following sc...

Consider the following scenarios: a) Audit fees received by an auditing firm. b) Final ordinary dividend received. Dividends are declared on 31 December and are payable to sh

Consolidated tax returns, Avis''s taxable income for the year is $300,000 a...

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,

How long, How long should receipts be kept?

How long should receipts be kept?

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