Problem
1. Calculate Hone's income tax liability for the income year ended 31 March 2022 and the amount of his terminal tax or tax refund for this income year. (Use the tax rate scale in the table below, show full workings in your answer, and note any assumptions you have made. Provide your answers in whole dollars.)
2. Calculate the amount of provisional tax, if any, Hone must pay for the 2022-23 income year using the standard method.
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Rates of income tax: individuals
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Slice of income
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Rate
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Cumulative tax
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$0-$14,000
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10.5%
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$1,470
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$14,001-$48,000
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17.5%
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$7,420
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$48,001-$70,000
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30%
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$14,020
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$70,001-$180,000
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33%
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$50,320
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$180,001+
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39%
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