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  3. assume nicks current year taxable income is $168,1

Assume Nicks current year taxable income is $168,176. Based on the above facts and relevant...

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Accounting

Assume Nicks current year taxable income is $168,176.

Based on the above facts and relevant tax laws, what would be Nicks tax on taxable income and medicare levy for the year? (select the best answer)

Tax on taxable income = $45,124 plus medicare levy of $1,682
Tax on taxable income = $46,172 plus medicare levy of $3,364
Tax on taxable income = $47,292.12 plus medicare levy of $3,363.53
Tax on taxable income = $47,292.12 plus medicare levy of $1,681.76

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