What to create	Quiz
Which subject	Mathematics
What age group	Year or Grade 10
What topic	Income tax
Question types	Close-ended
Number of questions	5
Number of answers	4
Correct answers	Exactly 1
Show correct answers
Use images (descriptions)
Any other preferences

Year 10 Mathematics Quiz: Income Tax

Instructions:

Please read each question carefully and select the correct answer from the options provided.

Questions

1. What is the formula for calculating taxable income?

   • A. Gross Income - Allowable Deductions
   • B. Gross Income + Allowable Deductions
   • C. Gross Income - Tax Credits
   • D. Gross Income + Tax Credits

2. In Australia, what percentage of income is considered the tax-free threshold for individuals as of the 2022-2023 financial year?

   • A. $10,000
   • B. $18,200
   • C. $25,000
   • D. $30,000

3. Which of the following is an allowable deduction when calculating taxable income?

   • A. Personal living expenses
   • B. Work-related expenses
   • C. Fines or penalties
   • D. Gifts to charity

4. If an individual's taxable income is $60,000, what would be their tax payable if the marginal tax rate for that income bracket is 32.5%?
   (Note: Exclude the tax-free threshold)

   • A. $5,250
   • B. $8,000
   • C. $19,500
   • D. $15,000

5. What is the primary purpose of the Australian Taxation Office (ATO)?

   • A. To increase taxation rates on individuals
   • B. To provide financial services to businesses
   • C. To administer and collect taxes
   • D. To manage government spending on infrastructure

Answers

(Correct Answers)

1. A. Gross Income - Allowable Deductions
2. B. $18,200
3. B. Work-related expenses
4. A. $5,250
5. C. To administer and collect taxes

---

Good luck! Please ensure to double-check your answers before submitting your quiz.