Year 9 Taxation Intro

What is Gross income

• Tax deduction

• Income from one source

• Income from ALL sources of income

• None of the above

What is taxable income

• It's a tax deduction

• It's similar to Gross income

• It's the income after work related expenses are deducted

• It's Gross income minus taxable

What is income tax

• Gross income - deductions

• Work related expenses

• The amount of money that goes to the federal government

• None of the above

What is payable tax

• The same as income tax

• The same is taxable income

• The same as gross income

• The same as tax deductions

How is total tax calculated?

• Just medicare

• Just from the tax table

• Both Medicare and Tax table

• GST only

Tags

CCSS.7.RP.A.3

Medicare Levy is calculated as 2% of

Tags

CCSS.7.RP.A.3

Another word for Payable tax is

Tags

CCSS.RI.7.5

CCSS.RI.8.3

CCSS.RI.8.5

CCSS.RI.9-10.3

CCSS.RI.9-10.5

In order to calculate tax income you need to plug in the tax table only one of the following value

• Tax return

• Deductions

• Gross income

• Taxable income

Tags

CCSS.7.NS.A.3

You're exempted from paying tax if you earn less than

Another definition for tax deductions

• Taxable

• Income tax

• Gross income

• Work related expenses