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Snap !

In order to get some "close enough" numbers, Steve merely reduced the gross income by 47.5% to get the after tax income. He should have used 48.5% (unless I'm missing something and have been paying too much tax !!) - and if he was after accuracy, he should have used a tax calculator to work...

Income tax top rate is 47% + 1.5% medicare levy = 48.5%. However, you don't pay that on the full amount (unless this income is in addition to other income which already puts you in the top tax bracket) - only on amounts over $60,000. For rough calculations, a flat 48.5% is a reasonable...