With a taxable income of $85,000 in financial year 2023-2024, the taxes are _____________________.A. 0.19*5,092, + 0.325*(85,000-45,000)B.0*18,200 + 0.19*26,800 + 0.325*40,000 + 0.37*(180,000 -85,000)C.0.195*(85,000 -18,200)D.0*18,200 + 0.19*26,800 + 0.325*(40,000)
Question
With a taxable income of $85,000 in financial year 2023-2024, the taxes are _____________________.A. 0.195,092, + 0.325(85,000-45,000)B.018,200 + 0.1926,800 + 0.32540,000 + 0.37(180,000 -85,000)C.0.195*(85,000 -18,200)D.018,200 + 0.1926,800 + 0.325*(40,000)
Solution
The language of the text is English, so I will continue in English.
To calculate the taxes on a taxable income of $85,000 in the financial year 2023-2024, we need to know the tax brackets for that year. As of now, we don't have the exact tax brackets for 2023-2024. However, based on the current Australian tax brackets, the calculation would be as follows:
If the taxable income is 45,001 - 5,092 plus 32.5% of each 45,000.
So, the correct calculation would be:
0.195,092, + 0.325(85,000-45,000)
Therefore, the answer is A.
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