The basic income tax formula is:
Question 7 options:
a)
None of the available options.
b)
Income tax = (Assessable Income * rate) - Tax offsets.
c)
Income tax = (Taxable Income * rate) - Tax offsets.
d)
Income tax = (Taxable Income * rate) - Deductions.
c) Income tax = (Taxable Income * rate) - Tax offsets.
