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Average rate of taxFor each income in table 1, calculate the average rate of tax paid. Decide if the tax is proportional, regressive or progressive and predict the impact of the tax income distribution.Table 1: Types of tax and their effect on equity in the distribution of incomeAnnual incomeTax 1 (amount of tax paid)ARTTax 2 (amount of tax paid)ARTTax 3 (amount of tax paid)ART$60,000$10,00016.7%$4,0006.7%$8,00013.3%$120,000$20,00016.7%$12,00010…

Part 1: Calculating and interpreting absolute, relative and percentage errorsRefer to the data table in The Budget and forecasting data sheet. If possible, use spreadsheets to assist you with the following calculations.For both the Government revenue and spending calculate the:Absolute errorRelative errorPercentage errorFor both the Government revenue and spending determine:If the estimate was an overestimate or an underestimate.Which few years…

Real estate2 pointsA real estate agent earns 2% commission on everything they sell. How much commission would they make by selling the following:A townhouse worth $438,000? A luxury home worth $2,500,000? $50,0005 pointsSome agents use tiered commission. They get 2% on the first $500,000 and 5% on anything they make above that. Calculate the commission they make if they sell a house for:PriceAt 2%At 5%Total income$480,000$9,600$0$9,600$500,…

Part 1: Calculating taxUse the ATOs weekly tax table or the ATO app Tax withheld calculator to work out how much tax should have been withheld in the following scenarios.Income detailsAlexBinSuzieGross income for the week$321$1,292$851Tax withheld$0$237$97Net weekly income$321$1,055$754Suzie works for 25 hours a week during the school holidays. She earns $651 a week for 10 weeks of the year. The other weeks of the year, she earns $220 per week (…

Part 1: Calculating taxUse the ATOs weekly tax table or the ATO app Tax withheld calculator to work out how much tax should have been withheld in the following scenarios.Income detailsAlexBinSuzieGross income for the week$321$1,292$851Tax withheld$0$237$97Net weekly income$321$1,055$754Suzie works for 25 hours a week during the school holidays. She earns $651 a week for 10 weeks of the year. The other weeks of the year, she earns $220 per week (…

Part 1: Identifying allowable deductionsRead the list of items below. Indicate whether you think each item of expenditure is deductible or not. Refer to An introduction to tax returns - Explainer. Income or money receivedIs it assessable income? Y/NThe bus fares to and from work. yes noA $100 donation to the Red Cross. yes noThe amount paid to your tax agent for preparing your tax return. yes noThe cost of taking a taxi to work because your…

Part 1: Calculating GSTCalculate the GST paid by customers on the following items. This grocery list does not include basic or fresh food, as these items are GST-free. You can use the GST calculator if you want.ItemAmount paid (includes GST)GST paidDog food$5.80$0.53Cleaning sponges$2.50$0.23Frozen pizza$5.90$0.54Laundry powder$9.90$0.90Dishwasher tablets$17.80$1.62Spray cleaner$6.50$0.59Cordial$3.80$0.35Potato crisps$2.50$0.23Canned soup$1.75$0…

Part 1: Making a purchasing decision Scenario You need a new mobile phone plan that includes a phone. Search the internet for different plans that are available. Which one would you choose and why? OR Choose something you would like to buy. Search the internet to find different options. Which one would you choose and why? Part 2: Making an informed consumer decision Decision making tool P PROBLEM Define…