Question

Say that australia has a working population of 11,565,470 people, and that the average salary is $26,450 annually. how much tax revenue would australia generate each year by instituting a 31.4% income tax? a. $81,528,467,671 b. $90,224,333,274 c. $96,054,697,991 d. $209,851,983,509

Answer 1

The tax revenue Australia would generate each year is $96,054,697,991.

What is the percentage?

The percentage is the value per hundred.

Working population of Australia =  11,565,470 people

Annual average salary = $26,450

Income tax rate = 31.4%

Tax revenue generated by each resident = 26450*(31.4/100)

Tax revenue generated by each resident =$8305.3

So, Tax revenue generated by 11,565,470 residents =  11,565,470*8305.3

Tax revenue generated by 11,565,470 residents = $96,054,697,991

Therefore, the tax revenue Australia would generate each year is $96,054,697,991.

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