a tax question..
 

if a persons salary was 70k plus super,could you tell me exactly what your take home pay would be..

thanks..

brum

Re: a tax question..
 

There are too many variables for anyone to answer this. Try here: http://www.ato.gov.au/scripts/taxcalc/calculate_tax.asp and you can fill in your personal circumstances to make it more accurate.

Re: a tax question..
 

Taxable Gross $70,000.00
Tax $14,550.00
Medicare $1,050.00
Low Income Tax Offset $0.00

Annual Net $54,400.00

Weekly Net $1,046.15

Re: a tax question..
 

The ATO tax tables would help to give a more exact answer.

Re: a tax question..
 

The tax tables give an approximate figure, for manual payrolls. It is very close, but not exact, eg: anyone earning $1,345 to $1,348 pw will all pay $301pw in deductions. But this difference will be sorted out at the end of the year, when the tax return is done.

Computerised payrolls use a different formula.

Per Manual tax tables:
$1,346.15 Gross weekly
$ 301.00 Deductions
$1,045.15 Net weekly

But then at the end of the year, it will be recalculated exactly, and you will get that $1 pw back :thumbup:

Re: a tax question..
 

Or $303 deductions weekly if there is leave loading. Both figures presuming the tax-free threshold is being used.

Re: a tax question..
 

I've not come across people on annual salaries with leave loading, for a long time. It does seem to be something for the hourly paid people these days.

Re: a tax question..
 

Qld Govt get it, gets paid out once a year in a lump sum though.

Re: a tax question..
 

Government employees get everything going... can't complain though... :rofl:

Re: a tax question..
 

OH and I are both on annual salaries and get leave loading. Both in government jobs.

Tracie

Re: a tax question..
 

My partner and I also both get it on annual salaries and we're not in government jobs.

Re: a tax question..
 

Employees seem to be more generous than I thought they were :thumbup:

Re: a tax question..
 

What is leave loading?

Re: a tax question..
 

I had to look it up recently as was mentioned in my employment contract (mentioned that I won't get it that is). Apparently it means being paid a percentage above normal salary when you take annual leave. I found it an odd concept.

Re: a tax question..
 

So when you are on holidays you get a higher rate of pay? That does sound odd.