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  |