Pay calculator is an important tax calculator for anyone wants to know exactly hoe much you get paid Monthly, fortnightly and weekly.
What is a Pay Calculator?
Why Pay calculator is a simple calculator to measure how much you are getting paid after tax and before tax. also, it helps to view the superannuation contribution your paying from each pay. It’s also known as salary Calculator.
Income tax is the main reason most people use this kind of calculators. beacuse it is hard to identify taxable income and non-taxable income. people required this information when they apply for finance and especially for the tax time.
Depends on your income You have a Medicare levy of $1,000.00. The calculation on the Medicare levy assumes you are single with no dependants. Sometimes you do not have to pay additional levies.
Also, depends on your income you may qualify for $250.00 Low Income Tax Offset. This tool also helps to see your qualified for Family Tax Benefit or not.
How does income tax works in Australia?
In Australia, we have a progressive tax system. higher the income you earn, higher the tax you pay. To calculator your total tax. first, you need to calculate your taxable income first. to do this you need, to sum up, all your income for the year including Wages, Interest income, Dividends and Rent income and minus all the deductions and then you will have your taxable income.
When you have your taxable income, now ou can calculate how much tax you have to pay.
You don’t have to pay tax if you are earning $18,200 or below. This is the main tax table
- Below $18,200 = No Tax
- From $18,200 to $37,000 = 19% Tax
- And $37,000 to $80,000 = 32.5%
- Between $80,000 to $180,000 = 37%
- Above $180,000 = 45%
There are some other factoris efffects on final tax statement. those are
Medicare Levy surcharge
Budget repair levy
Tax offsets or rebate