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 CT 607 I  Department of Taxation and Finance  NY Gov 2017

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if you live in Australia let me show you one of the most misunderstood areas of our tax system so in Australia we have a progressive tax system which means the more income you earn progressively the more tax you will pay as you can see below me these are the five different tax brackets the first zero to 18 200 you pay no tax from 18 200 to 45 000 it's 19 from forty five thousand to one twenty it's thirty two and a half percent from 120 to 180 it's 37 and then from 180 and above you're in the highest tax bracket or 45 percent keynote this does not include the Medicare surcharge of two percent and now the big misconception here is if your income is in a particular bracket all of your income is taxed at that rate as an example if you earn a hundred thousand dollars people would think they'll put them in the middle tax bracket of thirty two and a half percent where all of their money would be taxed at thirty two and a half percent however this is inc

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