Tax is it really 42% on up to $80000 salary?
Jan 16th 2006, 5:30 pm
#1
Sunshine Coast -Yeepee!!
Thread Starter
Joined: Dec 2005
Location: Sunshine Coast - Oh yea!!
Posts: 464
Tax is it really 42% on up to $80000 salary?
Hi
Just wondering what your experience has been of tax. I have searched on this forum before I get told off for posting!
We have been looking thought a book we have bought on living in OZ and it says that tax is 42% on salaries up to $80000. If this is the case how do people manage, what with pension funds and medicare it will be half your salary gone before you even pay the mortgage, bills and food. Is this really the case or have we got something wrong somewhere??
Please help :scared:
Just wondering what your experience has been of tax. I have searched on this forum before I get told off for posting!
We have been looking thought a book we have bought on living in OZ and it says that tax is 42% on salaries up to $80000. If this is the case how do people manage, what with pension funds and medicare it will be half your salary gone before you even pay the mortgage, bills and food. Is this really the case or have we got something wrong somewhere??
Please help :scared:
Jan 16th 2006, 5:34 pm
#2
Lost in BE Cyberspace
Joined: Nov 2005
Location: at the bottom of a wine glass
Posts: 28,176
Re: Tax is it really 42% on up to $80000 salary?
Originally Posted by Vernons
Hi
Just wondering what your experience has been of tax. I have searched on this forum before I get told off for posting!
We have been looking thought a book we have bought on living in OZ and it says that tax is 42% on salaries up to $80000. If this is the case how do people manage, what with pension funds and medicare it will be half your salary gone before you even pay the mortgage, bills and food. Is this really the case or have we got something wrong somewhere??
Please help :scared:
Just wondering what your experience has been of tax. I have searched on this forum before I get told off for posting!
We have been looking thought a book we have bought on living in OZ and it says that tax is 42% on salaries up to $80000. If this is the case how do people manage, what with pension funds and medicare it will be half your salary gone before you even pay the mortgage, bills and food. Is this really the case or have we got something wrong somewhere??
Please help :scared:
You can check it out here http://www.ato.gov.au/
Jan 16th 2006, 5:52 pm
#3
Sunshine Coast -Yeepee!!
Thread Starter
Joined: Dec 2005
Location: Sunshine Coast - Oh yea!!
Posts: 464
Re: Tax is it really 42% on up to $80000 salary?
Originally Posted by WendyC
You can check it out here http://www.ato.gov.au/
Thank you. We get it now.
Jan 16th 2006, 10:13 pm
#4
Guest
Posts: n/a
Re: Tax is it really 42% on up to $80000 salary?
Some Examples of Tax calculations (at 2005/2006 rates) are:
$10,000 gross = $ 600 tax (ie: 6.0% of gross)
$15,000 gross = $1,350 tax (ie: 9.0% of gross)
$25,000 gross = $3,360 tax (ie: 13.4% of gross)
$35,000 gross = $6,360 tax (ie: 18.2% of gross)
$45,000 gross = $9,360 tax (ie: 20.8% of gross)
$55,000 gross = $12,960 tax (ie: 23.6% of gross)
$65,000 gross = $17,160 tax (ie: 26.4% of gross)
$75,000 gross = $21,360 tax (ie: 28.5% of gross)
$85,000 gross = $25,710 tax (ie: 30.2% of gross)
$100,000 gross = $32,760 tax (ie: 32.8% of gross)
$200,000 gross = $79,760 tax (ie: 39.9% of gross)
$10,000 gross = $ 600 tax (ie: 6.0% of gross)
$15,000 gross = $1,350 tax (ie: 9.0% of gross)
$25,000 gross = $3,360 tax (ie: 13.4% of gross)
$35,000 gross = $6,360 tax (ie: 18.2% of gross)
$45,000 gross = $9,360 tax (ie: 20.8% of gross)
$55,000 gross = $12,960 tax (ie: 23.6% of gross)
$65,000 gross = $17,160 tax (ie: 26.4% of gross)
$75,000 gross = $21,360 tax (ie: 28.5% of gross)
$85,000 gross = $25,710 tax (ie: 30.2% of gross)
$100,000 gross = $32,760 tax (ie: 32.8% of gross)
$200,000 gross = $79,760 tax (ie: 39.9% of gross)
