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

GST, I WOULD LIKE TO KNOW ABOUT GST. FROM WHERE IT HAVE COME AND HOW IT WOR...

I WOULD LIKE TO KNOW ABOUT GST. FROM WHERE IT HAVE COME AND HOW IT WORKS. ALSO INFORM ME WEATHER IT IS APPLICABLE IN INDIA OR NOT.

Individual taxation, #queTonya had the following items for last year: Salar...

#queTonya had the following items for last year: Salary $40,000 Short-term capital gain 12,000 Nonbusiness bad debt (25,000) Long-term capital gain 8,000 For the current year, Tony

The maximum capital cost allowance claim, During the current year, Denos Co...

During the current year, Denos Corporation incurred costs of $45,000 for leasehold improvements to its newly rented building. The lease was signed in the current year for an initia

Goods and services tax, William Potter is a plumber currently operating as ...

William Potter is a plumber currently operating as a Sole Trader in Levin. William has approached you, a tax accountant, for your advice on certain tax matters. William's brothe

Corporate tax, L has business assets worth $6,000,000, NOL carryovers of $1...

L has business assets worth $6,000,000, NOL carryovers of $1,000,000 expiring in 14 years, and NOL carryovers of $1,400,000 expiring in 15 years. 100% of L’s stock is worth $8,000

Filing Out Tax Return Project, Using tax software, file out federal and cal...

Using tax software, file out federal and california tax form! Plus cover letter

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.

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% of the stock

#62, Roberta Santos, age 41, is single and lives at 120 Sanborne Avenue, Sp...

Roberta Santos, age 41, is single and lives at 120 Sanborne Avenue, Springfield, IL 60781. Her Social Security number is 123-45-6789. Roberta has been divorced from her former husb

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