Paying/calculating the tax

 In this lesson we're going to learn about taxation. Taxation is when you're an adult, you have to pay the money to the government, we call it tax. Tax is when end the end of the year or halfway through the year, the government collects taxes from  each one of us. All those money that government collected it goes to hospitals, schools, military, economy, etc.

 When you're paying the tax, there's a table for you. It's a table that how much tax you have to pay.

Tax income From            To		Income tax
$1	$6000	Nil.
$6001	$21600	17c for each $1 over $6000.
$21601	$52000	$2652 plus 30c for each $1 over $21600.
$52001	$62500	$11772 plus 42c for each $1 each over $52000.
Over $62500			$16182 plus 47c for each over $62500.

 For example " I earned $56789 this year. I have the other incomes from investments, and bank interest of $6723. My total tax deductive is $1450. Find my taxable income, total income and tax payable in taxable income.

1) To find the total income:
$56789 + $6723 = $63512

2) To find the taxable income, total income - tax deduction
= $63512 - $1450 = $62062

3) To find the tax payable in taxable income, you have to use the table. The taxable income is $62062 so it's between $52001 and $62500.

 The excess is $62062 - $52000 = $10062
Therefore $11772 + 42/100 x $10062
= $15998.04
Therefore the answer is $15998.04.