Jenny lives in the country of Snowland. Her taxable income is $24,000 per year. ...
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Jenny lives in the country of Snowland. Her taxable income is $24,000 per year. Snowland’s income tax schedule is provided below. Snowland also has a 2% Medicare Levy. What is her income tax payable including Medicare Levy (to the nearest dollar)? Please do not include dollar signs or commas in your answer.
Bracket | Taxable income p.a. | Marginal tax rate | Tax on previous brackets |
1 | $0 to $10,000 | 0% | $0 |
2 | $10,000 to $20,000 | 10% | $0 |
3 | $20,000 to $40,000 | 20% | $1,000 |
4 | $40,000 to $80,000 | 30% | $5,000 |
5 | $80,000 or more | 40% | $17,000 |
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