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how much tax is paid monthly from your wages

how much tax is paid monthly from your wages

Old Dec 2nd 2002, 5:37 pm
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Default how much tax is paid monthly from your wages

Hi,

My hubby and I are wondering how much tax Australians pay out of there salaries ?

We know the bandings here but trying to work out your bring home pay is difficult if we don't know what gets deducted ?

Can anyone help please

Carrianne
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Old Dec 2nd 2002, 9:26 pm
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Default Re: how much tax is paid monthly from your wages

Originally posted by Carrianne
Hi,

My hubby and I are wondering how much tax Australians pay out of there salaries ?

We know the bandings here but trying to work out your bring home pay is difficult if we don't know what gets deducted ?

Can anyone help please

Carrianne
Depends how much your earn

check out www.ato.gov.au and you will find calculators and the information you need.

KS
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Old Dec 2nd 2002, 9:30 pm
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You need to check out a couple of websites

http://www.ato.gov.au/level2.asp?placement=AS/IN

and they aslo have calculators on there, best way to start is just with simple calculations, eg If I earn 3000 per month = 36000 per annum

try this page - http://www.ato.gov.au/scripts/axos/a...001i.xra&go=ok

then you can see although it does not take off medicare etc - it works out you would pay 7180 tax per annum = 598 per month.

There are then individual calculators

http://www.ato.gov.au/scripts/taxcal...ndard_hire.asp

Using this method the Tax withheld on a 3000 a month = 646, approximate difference because of medicare levy

This is the same calculation as the bandings

0-6000 - nil = 500 earned tax free
6-20000 - 17%
20 - 50000 - 2380 + 30% for each over 20000

36000 leaves you in this band therefore 36000 - 20000 = 16000 at [email protected] = 4800 + 2380 = 7180

Medicare levy = 1.5 %

Let me know if you want some further help doing the calculations, you can send me a private message. I am not offering any financial service or advice, I just work with payroll calculations in my main job and a bit sad I find them interesting!

Regards Sandra

There are other factors to take into account and individual circumstances can impact, eg joint incomes below certai thresholds although tax rebates and child allowances as well - you need to read the tax website for individual requirements
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Old Dec 2nd 2002, 10:53 pm
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Originally posted by Sandra
You need to check out a couple of websites

http://www.ato.gov.au/level2.asp?placement=AS/IN

and they aslo have calculators on there, best way to start is just with simple calculations, eg If I earn 3000 per month = 36000 per annum

try this page - http://www.ato.gov.au/scripts/axos/a...001i.xra&go=ok

then you can see although it does not take off medicare etc - it works out you would pay 7180 tax per annum = 598 per month.

There are then individual calculators

http://www.ato.gov.au/scripts/taxcal...ndard_hire.asp

Using this method the Tax withheld on a 3000 a month = 646, approximate difference because of medicare levy

This is the same calculation as the bandings

0-6000 - nil = 500 earned tax free
6-20000 - 17%
20 - 50000 - 2380 + 30% for each over 20000

36000 leaves you in this band therefore 36000 - 20000 = 16000 at [email protected] = 4800 + 2380 = 7180

Medicare levy = 1.5 %

Let me know if you want some further help doing the calculations, you can send me a private message. I am not offering any financial service or advice, I just work with payroll calculations in my main job and a bit sad I find them interesting!

Regards Sandra

There are other factors to take into account and individual circumstances can impact, eg joint incomes below certai thresholds although tax rebates and child allowances as well - you need to read the tax website for individual requirements

Any reason you left out top rates above $50k or is it a case no one can earn that in your view?


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Old Dec 2nd 2002, 11:01 pm
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PB I really wish you would grow up sometime - read the post I responded to - they said they knew the rates and bands - I only showed an example of how to calculate a specific amount.

And one other thing, please quote the correct information if you have to quote at all, the highest rate is over 60K not 50K.

I really do not have a problem with the majority of your comments but you are beginning to come on everyones threads regardless of whether you have a valid point to make or not. This is childish and demeaning to yourself. Any relevance of anything you might have to say is weakened by this approach. Please respond to me privately if you have anything to say I do not want to have an inane conversation over this forum like so many of your others when you lose the plot.

Regards
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Old Dec 2nd 2002, 11:04 pm
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Default Re: how much tax is paid monthly from your wages

Carrianne,

There are some useful calculators here:
http://afr.com/cch/calculators/

Best regards.



Originally posted by Carrianne
Hi,

My hubby and I are wondering how much tax Australians pay out of there salaries ?

We know the bandings here but trying to work out your bring home pay is difficult if we don't know what gets deducted ?

Can anyone help please

Carrianne
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Old Dec 2nd 2002, 11:09 pm
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Originally posted by Sandra
PB I really wish you would grow up sometime - read the post I responded to - they said they knew the rates and bands - I only showed an example of how to calculate a specific amount.

And one other thing, please quote the correct information if you have to quote at all, the highest rate is over 60K not 50K.

I really do not have a problem with the majority of your comments but you are beginning to come on everyones threads regardless of whether you have a valid point to make or not. This is childish and demeaning to yourself. Any relevance of anything you might have to say is weakened by this approach. Please respond to me privately if you have anything to say I do not want to have an inane conversation over this forum like so many of your others when you lose the plot.

Regards
You again avoid the question between $50K - $60k is it not 42%, then again rises to to 47% , picking one wage level out is not covering the question asked ,snapping at me does you no service is not a full answer asked for?
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Old Dec 3rd 2002, 3:51 pm
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thanks everyone
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