cardmaker2

can some one give advice on what you are left with after all deductions from your wages?

For example if you are lucky enough to earn say $72,000 dollars a year, what would be your annual income after tax.

Mairead

This link will have all the details for you.

http://au.pfinance.yahoo.com/calcula...ncome-tax.html

cardmaker2

posted this Q in wrong forum orginally and i'm sure it's been asked many times before, but what % of gross pay is deducted for tax, medicare etc.

Is there a rough and ready figure you can use to estimate the amount you will be left with after all deductions?

For example if you are lucky enough to earn about $70 000 p.a. what would be your net income from this p.a.

What sort of mortgage could you get on that sort of wage?

tillysmum

Hi tax office publish a leaflet callled fortnightly tax table available from most newsagents free. On the income you quote you would pay approx $646.00 per fortnight on $2692 (fortnight wage on 70000). hope this helps

jayr

You need to ust the ATO income tax rates here:

http://www.ato.gov.au/individuals/co...tent/12333.htm

On $70,000 your monthly net income should be $2921; or $1348 per fortnight.

This assumes that the $70k is a total package and is INCLUSIVE of 9% superannuation.

jayr

Assuming 2008/09 income tax rates; ignoring any benefits you may be entitled to and assuming the $72k is INCLUSIVE of 9% superannuation:

Monthly take home $3025

davewolfs

I think that is wrong, how did you come up with that?

JoolsB

If you use the ATO tax calc as posted earlier in thread 72k gives you a net of over $4k per month! dont know where the 3025 figure came from...

Wendy

Take home on $72k including super (or $65,520 excluding super) is approx $967 per week. Take home on $72k excluding super is approx $1052 per week.

Both the above include the medicare levy deduction.

Shaun&Dee

Usefull thread... I'm still a little confused with regards to Medicare conributions, etc. Can soemoneone advised what the takehome pay would be for say (as this covers most ranges):

$70k (including super)
$80k (including super)
$90k (including super)
$100k (including super)

Thanks

Wendy

I'll work it out later for you as I have to go out just now. I can tell you though that medicare contributions are 1.5% of your pay unless you earn more than $50k for a single person or $100k for a couple (that was the figure last time I looked, will double check later though) - then it's an extra 1% unless you have private hospital cover.

jayr

Oops, $4190 is the correct figure; I forgot to remove something from my salary calculator spreadsheet, apologies.

jayr

$70k = $4086 take home per month
$80k = $4605 per month
$90k = $5109 per month
$100k = $5552 per month

All the above assumes the gross annual includes 9% super

davewolfs

Does your contribution to super reduce your total taxable gross income?

NickyC

Yes. Super comes off your pre-tax income.