Answer:
$90,000
Step-by-step explanation:
To calculate the tax liability for a resident of Australia for the year 2021/2022 with a taxable income of $200,000, we need to determine the applicable tax rates and brackets. For the year 2021/2022, the tax rates for individuals in Australia are as follows: - 0% tax rate for income up to $18,200 - 19% tax rate for income between $18,201 and $45,000 - 32.5% tax rate for income between $45,001 and $120,000 - 37% tax rate for income between $120,001 and $180,000 - 45% tax rate for income above $180,000 Now, let's calculate the tax liability step-by-step: 1. Determine the tax payable for each tax bracket: - For the first tax bracket (0% rate): No tax is payable since the income falls below $18,200. - For the second tax bracket (19% rate): The income between $18,201 and $45,000 is subject to a 19% tax rate. In this case, there is no income falling into this bracket, so no tax is payable. - For the third tax bracket (32.5% rate): The income between $45,001 and $120,000 is subject to a 32.5% tax rate. In this case, there is no income falling into this bracket, so no tax is payable. - For the fourth tax bracket (37% rate): The income between $120,001 and $180,000 is subject to a 37% tax rate. In this case, there is no income falling into this bracket, so no tax is payable. - For the fifth tax bracket (45% rate): The income above $180,000 is subject to a 45% tax rate. In this case, the entire taxable income of $200,000 falls into this bracket. Therefore, the tax payable for this bracket is $200,000 * 0.45 = $90,000. 2. Calculate the total tax liability by summing up the tax payable for each tax bracket: - Tax payable = $0 + $0 + $0 + $0 + $90,000 = $90,000 Therefore, the tax liability for a resident of Australia with a taxable income of $200,000 for the year 2021/2022 is $90,000