Personal Taxation Summary
Estimated taxation summary for the financial year ending 30 June 2014:
Personal Tax Summary Item | John | Mary | Combined |
Assessable Income | $100,000 | $40,000 | $140,000 |
- Deductions | $0 | $0 | $0 |
= Taxable Income | $100,000 | $40,000 | $140,000 |
Tax Free Threshold | $18,200 | $18,200 |
|
Marginal Tax Rate | 37.00 % | 32.50 % |
|
Tax On Taxable Income | $24,947 | $4,547 | $29,494 |
- Tax Offsets (Non-Refundable) | $0 | $400 | $400 |
= Net Tax Payable | $24,947 | $4,147 | $29,094 |
+ Medicare Levy & Surcharge | $1,500 | $600 | $2,100 |
+ Compulsory Higher Education Loans Repayments | $0 | $0 | $0 |
= Tax Liability | $26,447 | $4,747 | $31,194 |
Effective Tax Rate | 26.45 % | 11.87 % |
|
- Tax Credits/Refundable Offsets | $0 | $0 | $0 |
= Tax Refund/Payable | $26,447 | $4,747 | $31,194 |
Net Income | $73,553 | $35,253 | $108,806 |
+ Non-Taxable Income | $0 | $0 | $0 |
= Total Net Income | $73,553 | $35,253 | $108,806 |
Total Gross Income | $100,000 | $40,000 | $140,000 |
TaxPack
TaxPack summary data and calculations for the financial year ending 30 June 2014:
Assessable Income | John | Mary | Combined |
Salary or Wages | $100,000 | $40,000 | $140,000 |
Total Assessable Income | $100,000 | $40,000 | $140,000 |
Tax Offsets - Calculated | John | Mary | Combined |
Low income tax offset | $0 | $400 | $400 |
Total (Calculated) Tax Offsets | $0 | $400 | $400 |
Medicare Levy Summary | John | Mary | Combined |
No. of dependent children and students | 1 | 1 |
|
Private patient hospital cover for whole year | No | No |
|
Combined Income < Medicare levy surcharge thresholds | Unknown | Unknown |
|
Number of days NOT having to pay surcharge | 365 | 365 |
|
Basic Medicare levy | $1,500.00 | $600.00 | $2,100.00 |
- Share of family reduction amount | $0.00 | $0.00 | $0.00 |
+/- Excess family reduction amt transferred from spouse | $0.00 | $0.00 | $0.00 |
- Full 1.5% levy exemption amount (pro-rata on 0 days) | $0.00 | $0.00 | $0.00 |
- Half 1.5% levy exemption amount (pro-rata on 0 days) | $0.00 | $0.00 | $0.00 |
= Medicare levy | $1,500.00 | $600.00 | $2,100.00 |
+ Medicare levy surcharge | $0.00 | $0.00 | $0.00 |
= Medicare levy and surcharge | $1,500.00 | $600.00 | $2,100.00 |
Private Health Insurance Policy | John | Mary |
Type of cover | Hospital and Extras | Hospital and Extras |
Spouse Details - Married or De facto | John | Mary | Combined |
Spouse details required to be completed | Yes | Yes |
|
Spouse's Surname | Sample | Sample |
|
Spouse's Given Names | Mary | John |
|
Spouse's Gender | Female | Male |
|
Spouse Date of Birth | 1/01/1966 | 1/01/1961 |
|
Spouse for full year | No | No |
|
Spouse's Taxable Income | $40,000 | $100,000 | $140,000 |