Mathematics
Home > Mathematics > General Mathematics > Preliminary Course > Financial Mathematics > FM3: Taxation > Quick quiz: A sample of multiple choice questions for this topic.
FM3
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1. From
the gross fortnightly pay, the following deductions are taken: $11
for union fees, $27.05 for medical fund, $373.46 for superannuation
contribution and $439.42 for taxation.
The total deductions made per fortnight is:
2. Marianne has deductions taken from her pay each week.
Which of these deductions will NOT reduce her taxable income:
3. The
medical levy is 1.5% of the taxable income.
If the gross income was $47,480 and allowable deductions came to
$1,230, the medicare levy would amount to:
4. Using the table calculate the total tax payable on a taxable income of $30 000.
| Taxable income | Tax payable |
|---|---|
| 0 - $6000 | Nil |
| $6001 - $20 000 | Nil + 17 cents for each $1 over $6000 |
| $20 001 - $50 000 | $2380 + 30 cents for each $1 over $20 000 |
| $50 001 - $60 000 | $11 380 + 42 cents for each $1 over $50 000 |
| $60 001 and over | $15580 + 47 cents for each $1 over $60 000 |
5. Great
Britain has a Value Added Tax (VAT) similar to the GST.
The VAT is 171/2% on clothing. How much VAT
would be charged on a suit worth £210?
6. After
the 10% GST was added to the earnings, they cost $242.
What was the cost without GST?
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