Question

Using the provided table calculate the tax liability for an individual whose taxable income in the 2014-15 financial year was $58,000.

Answer 1

Tax liability is $5,081.25 plus 25% of the amount over $36,900, the amount of tax liability for individual with income of $58,000 is 5,081.25 + (58,000 - 36,900)*0.25 = $10,356.25.