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Answer to Question #78428 in Accounting for Jaehun Yoo

Question #78428
Using the provided table calculate the tax liability for an individual whose taxable income in the 2014-15 financial year was $58,000.
Expert's answer
Tax liability is $5,081.25 plus 25% of the amount over $36,900, the amount of tax liability for individual with income of $58,000 is 5,081.25 + (58,000 - 36,900)*0.25 = $10,356.25.

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