During the current income year Rafael, a resident taxpayer, hasa gross salary of $68,000 (PAYG tax withheld $15,100), a fullyfranked dividend of $2,000, an unfranked dividend of $1,000, and a60% franked dividend of $900.There are no deductions. Calculate Rafael’s taxable income and taxpayable Calculation of Rafael’s taxable income by applying the statutoryformula under s 4-15 ITAA 1997 (2 Marks) – Calculation of Rafael’s tax liability per the ITRA 1986 (2Marks) – Calculation of the Medicare levy (2 Marks) – Calculation of Rafael’s Franking tax offset and PAYG taxwithheld (1 Marks) – Calculation of income tax payable or refundable by applyingthe method in s 4-10 ITAA 1997 (3 Marks) . . .