maths help (1 Viewer)

[notnownotever]

HI, I'M DOING TAX, AND I NEED TO KNOW WHAT TO DO. OK LETS GO.


Taxable income= $38958.29 TOTAL EARNINGS=$51200 AND TAXABLE GROSS=$50800
OK HOW DO I WORK OUT EVERYTHING.
Tax on this income

$0 – $6,000
Nil

$6,001 – $21,600
15c for each $1 over $6,000

$21,601 – $63,000
$2,340 plus 30c for each $1 over $21,600

$63,001 – $95,000
$14,760 plus 42c for each $1 over $63,000

Over $95,000
$28,200 plus 47c for each $1 over $95,000
SO US WORKING AND EVERYTHING

 

[seremify007]

Uhh... No need to use caps so much

I'm only a first year but I'm just wondering why you'd need taxable income, total earnings, and taxable gross?... don't you need just one of them to calculate the tax payable?

 

[redruM]

HI, I'M DOING TAX, AND I NEED TO KNOW WHAT TO DO. OK LETS GO.


Taxable income= $38958.29 TOTAL EARNINGS=$51200 AND TAXABLE GROSS=$50800
OK HOW DO I WORK OUT EVERYTHING.
Tax on this income

$0 – $6,000
Nil

$6,001 – $21,600
15c for each $1 over $6,000

$21,601 – $63,000
$2,340 plus 30c for each $1 over $21,600

$63,001 – $95,000
$14,760 plus 42c for each $1 over $63,000

Over $95,000
$28,200 plus 47c for each $1 over $95,000
SO US WORKING AND EVERYTHING

What does taxable gross mean?

Anyway, I haven't done tax either. But I'll have a go...

2 340 + (17 359.29*0.30) = $7 547.49.

Is that correct?

 

[AppleXY]

correct, but for one little mistake

38 958 - 21 600 = $17 357

So it's

2 340 + (17 357 * .30) = $7 547

Yea.. I have no idea what "Taxable Gross" means as well

 

[redruM]

correct, but for one little mistake

38 958 - 21 600 = $17 357

So it's

2 340 + (17 357 * .30) = $7 547

Yea.. I have no idea what "Taxable Gross" means as well

You're correct (in saying that I am wrong)

But, then 38 958 - 21 600 = $17 358, aswell.

should have been:
2 340 + (17 358.29*0.30) = $7 547.49.
Just a typo with the "9".

 

[notnownotever]

even though i'm a second year student, doing ironically b. of business majoring in finance and accting and work in a major accounting/finance company. i need to know this????? WHY, ITS TAX TIME, AND THATS WHAT I EARNT AND I NEEEEEEEEED TO HAVE A ROUGH ESTIMATE WHAT MY TAX IS. YEAH, AND ALSO JARGON LIKE TAX... GROSS, CONFUSED ME ASWELL.

 

[seremify007]

I was under the impression it would be something like;

Earnings - Losses = Taxable Gross

Taxable Gross - Deductions = Taxable Income

... and that kindof fits in with the numbers that he provides?

 

[AppleXY]

ohh sorry yea its with a 8