Income tax question
Aug 16th 2007, 1:13 pm
#1
...feeling hot hot hot!!!
Thread Starter
Joined: Jul 2006
Location: Cairns
Posts: 935
Income tax question
If I'm earning under $50k is 20% tax to be expected? Just seems like a lot to me 
Aug 16th 2007, 1:18 pm
#2
Ex BE ***** Addict
Joined: Jul 2005
Posts: 3,770
Re: Income tax question
50k = total tax to pay 9,600 plus about $750 medicare levy.
So about 20%, minus deductions if your lucky.
edit..based on 06/07 rates, plus 1% medicare penalty of you earn over 50k
Aug 16th 2007, 1:24 pm
#3
...feeling hot hot hot!!!
Thread Starter
Joined: Jul 2006
Location: Cairns
Posts: 935
Re: Income tax question
So it's about right then....bummer 
I think once I can set up salary sacrifice it will reduce a bit.
I think once I can set up salary sacrifice it will reduce a bit.
