Taxable Income and Medicare Levy Quiz

What is taxable income?

• The total income you earn before any deductions

• The amount of tax you need to pay

• The gross income you have earned less any tax deductions

• The additional tax imposed on people earning incomes

Which of the following can be claimed as tax deductions?

• Work related expenses

• Union fees

• Donations to charity

• All of the above

What is the purpose of the Medicare Levy?

• To provide all Australians with assistance in paying for basic medical care

• To impose an additional tax on people earning incomes

• To calculate the taxable income

• To provide private hospital cover

Who needs to pay the Medicare Levy Surcharge?

• Individuals with a taxable income over $90000

• Individuals with private hospital cover

• Individuals with a taxable income below $90000

• All individuals

What determines the amount of Medicare Levy Surcharge?

• Taxpayer's taxable income

• Taxpayer's work related expenses

• Taxpayer's donations to charity

• Taxpayer's private hospital cover