Take Home Pay - help - a simple answer please
Jun 20th 2009, 8:32 am
#1
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Thread Starter
Joined: Jun 2009
Location: mansfield uk
Posts: 85
Take Home Pay - help - a simple answer please
Hi Folks,
I'm in early stages of moving across, hopefully March 2010.
I'm trying to do some numbers, and was hoping for some clarification on take-home-pay please.
I've looked back at some of the previous threads and seen some of the complications about superann, etc. Don't really want to go into fine detail at this stage.
Can I just ask a simple question. If I was paid $80,000, what would be the take-home-pay, money in the bank after tax, superann and medical care.
Thanks
I'm in early stages of moving across, hopefully March 2010.
I'm trying to do some numbers, and was hoping for some clarification on take-home-pay please.
I've looked back at some of the previous threads and seen some of the complications about superann, etc. Don't really want to go into fine detail at this stage.
Can I just ask a simple question. If I was paid $80,000, what would be the take-home-pay, money in the bank after tax, superann and medical care.
Thanks
Jun 20th 2009, 8:44 am
#2
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Joined: Mar 2007
Posts: 4,079
Re: Take Home Pay - help - a simple answer please
Hi Folks,
I'm in early stages of moving across, hopefully March 2010.
I'm trying to do some numbers, and was hoping for some clarification on take-home-pay please.
I've looked back at some of the previous threads and seen some of the complications about superann, etc. Don't really want to go into fine detail at this stage.
Can I just ask a simple question. If I was paid $80,000, what would be the take-home-pay, money in the bank after tax, superann and medical care.
Thanks
I'm in early stages of moving across, hopefully March 2010.
I'm trying to do some numbers, and was hoping for some clarification on take-home-pay please.
I've looked back at some of the previous threads and seen some of the complications about superann, etc. Don't really want to go into fine detail at this stage.
Can I just ask a simple question. If I was paid $80,000, what would be the take-home-pay, money in the bank after tax, superann and medical care.
Thanks
Check the ATO website www.ato.gov.au
Jun 20th 2009, 8:51 am
#3
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Location: mansfield uk
Posts: 85
Re: Take Home Pay - help - a simple answer please
Ok, I knew there was not going to be a simple answer to this.
If a job is advertised as $80k, it does not appear to mention anything about super ? What is super ?
If a job is advertised as $80k, it does not appear to mention anything about super ? What is super ?
Jun 20th 2009, 9:08 am
#4
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Location: Wello Point, Bayside, Brisbane & Loving It !!!
Posts: 932
Re: Take Home Pay - help - a simple answer please
$80,000 ( not including super) take home $60,900
$80,000 (including super) - 9% = $72800 take home $56360
Not all adds mention super , so you would need to ask
Martin
Jun 20th 2009, 9:30 am
#5
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Re: Take Home Pay - help - a simple answer please
Martin
Thanks very much for the very useful information Martin. Another question though:-
1) £60,900 as a %age of £80,000 is 76%, therefore tax is 24%
2) £56,360 as a %age of £72,800 is 77%, therefore tax is 23%
Why is the %age different ? Are there different rates of tax for earnings ?
Jun 20th 2009, 9:31 am
#6
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Re: Take Home Pay - help - a simple answer please
Superannuation
The employer has to pay an extra 9%, of a persons wage, into a compulsory Superannuation scheme of the employees choice, as long as they earn more than $450 per month.
On a wage of about $50,000 per year, this can be effectively increased by $4,500, although this extra money is tied up until the relevant retiring date.
When quoting Salaries, some employers may quote a Salary Package of $54,500, meaning $50,000 + super, whilst another may quote; $50,000 Salary, which would then have the 9% super in addition, therefore totalling $54,500.
Ensure that you compare apples with apples, and that you know if the super has been included in the figure or not.
Tax on $80,000 is $17,850
Medicare is 1.5% of $80,000 = $1,200
Tax is Based on personal income tax rates 2009-2010:
The employer has to pay an extra 9%, of a persons wage, into a compulsory Superannuation scheme of the employees choice, as long as they earn more than $450 per month.
On a wage of about $50,000 per year, this can be effectively increased by $4,500, although this extra money is tied up until the relevant retiring date.
When quoting Salaries, some employers may quote a Salary Package of $54,500, meaning $50,000 + super, whilst another may quote; $50,000 Salary, which would then have the 9% super in addition, therefore totalling $54,500.
Ensure that you compare apples with apples, and that you know if the super has been included in the figure or not.
Tax on $80,000 is $17,850
Medicare is 1.5% of $80,000 = $1,200
Tax is Based on personal income tax rates 2009-2010:
HTML Code:
Taxable Income Tax on Income Tax on excess $ p.a. $ p.a. (marginal rate) Nil to 6000 0 15% 35,000 4,350 30% 80,000 17,850 38% 180,000 55,850 45%
Jun 20th 2009, 9:34 am
#7
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Re: Take Home Pay - help - a simple answer please
Martin
Thanks very much for the very useful information Martin. Another question though:-
1) £60,900 as a %age of £80,000 is 76%, therefore tax is 24%
2) £56,360 as a %age of £72,800 is 77%, therefore tax is 23%
Why is the %age different ? Are there different rates of tax for earnings ?
Thanks very much for the very useful information Martin. Another question though:-
1) £60,900 as a %age of £80,000 is 76%, therefore tax is 24%
2) £56,360 as a %age of £72,800 is 77%, therefore tax is 23%
Why is the %age different ? Are there different rates of tax for earnings ?
Martin
Jun 20th 2009, 11:03 am
#8
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Posts: 6,039
Re: Take Home Pay - help - a simple answer please
Martin
Thanks very much for the very useful information Martin. Another question though:-
1) £60,900 as a %age of £80,000 is 76%, therefore tax is 24%
2) £56,360 as a %age of £72,800 is 77%, therefore tax is 23%
Why is the %age different ? Are there different rates of tax for earnings ?
Thanks very much for the very useful information Martin. Another question though:-
1) £60,900 as a %age of £80,000 is 76%, therefore tax is 24%
2) £56,360 as a %age of £72,800 is 77%, therefore tax is 23%
Why is the %age different ? Are there different rates of tax for earnings ?
$0 – $6,000 Nil
$6,001 – $34,000 15c for each $1 over $6,000
$34,001 – $80,000 $4,200 plus 30c for each $1 over $34,000
$80,001 – $180,000 $18,000 plus 40c for each $1 over $80,000
Over $180,000 $58,000 plus 45c for each $1 over $180,000
Jun 20th 2009, 11:31 am
#9
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Re: Take Home Pay - help - a simple answer please
Tax is done on a sliding scale like the UK. So there are different tax bands where the percentage changes for each dollar earned in the current band. This would cause the 1% difference in the overall tax.
$0 – $6,000 Nil
$6,001 – $34,000 15c for each $1 over $6,000
$34,001 – $80,000 $4,200 plus 30c for each $1 over $34,000
$80,001 – $180,000 $18,000 plus 40c for each $1 over $80,000
Over $180,000 $58,000 plus 45c for each $1 over $180,000
$0 – $6,000 Nil
$6,001 – $34,000 15c for each $1 over $6,000
$34,001 – $80,000 $4,200 plus 30c for each $1 over $34,000
$80,001 – $180,000 $18,000 plus 40c for each $1 over $80,000
Over $180,000 $58,000 plus 45c for each $1 over $180,000
