IR & Tax Calculator
Hi All,
I'm starting work in September and have perused the IR website and various others but seem to hit a brick wall when using the tax calculator on the IR website The IR330 form suggests I'm a tax code "M"... When punching in my daily gross salary amount (I'm assuming this is just annual salary / 365? - none the wiser here), this calculates my stoppages at 12%... However another website suggests my salary to be 33% on ever $? I've budgeted for the 33% off the gross annual - but can anyone put my mind at rest? Thanks in advance :) |
Re: IR & Tax Calculator
Your main job will make your tax code 'M'
Tax rates up to $14,000 10.5 cents excl ACC - 12.20 cents incl ACC from $14,001 to $48,000 17.5 cents excl ACC - 19.20 cents incl ACC from $48,001 to $70,000 30 cents excl ACC - 31.70 cents incl ACC $70,001 and over 33 cents excl ACC - 34.70 cents incl ACC you need to enter your annual gross salary. Not the daily gross. HTH |
Re: IR & Tax Calculator
Originally Posted by BEVS
(Post 10229638)
Your main job will make your tax code 'M'
Tax rates up to $14,000 10.5 cents excl ACC - 12.20 cents incl ACC from $14,001 to $48,000 17.5 cents excl ACC - 19.20 cents incl ACC from $48,001 to $70,000 30 cents excl ACC - 31.70 cents incl ACC $70,001 and over 33 cents excl ACC - 34.70 cents incl ACC you need to enter your annual gross salary. Not the daily gross. HTH Works a treat now lol :o |
Re: IR & Tax Calculator
I have found the site a bit hit and miss like that over the years , so it's not just you.
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Re: IR & Tax Calculator
Can I ask, what is ACC? :unsure:
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Re: IR & Tax Calculator
Originally Posted by TommyLuck
(Post 10232029)
Can I ask, what is ACC? :unsure:
Great scheme, until you have to deal with them;) |
Re: IR & Tax Calculator
33% is the top income tax rate. Depending on your line of work, you'll probably end up paying an average of about 25% of gross income.
There's a good NZ income tax calculator here that works out tax, ACC and kiwisaver (pension) payments http://www.salaries.co.nz/a/salary-tax-calculator/ By the way, there's a cap on ACC payments if you're lucky enough to earn a high income. |
Re: IR & Tax Calculator
I was bored and worked out what you'd take home, based on the current tax brackets, including ACC, if you earned various amounts - based on a single earner (take home per year / take home per month);
20k - $17,140 / $1,428 per month 30k - $25,220 / $2,101 per month 40k - $33,300 / $2,775 per month 50k - $41,130 / $3,427 per month 60k - $49,326 / $4,110 per month 70k - $56,156 / $4,679 per month 80k - $62,686 / $5,223 per month 90k - $69,216 / $5,768 per month 100k - $75,746 / $6,312 per month 110k - $82,276 / $6,856 per month 120k - $88,806 / $7,400 per month 130k - $95,336 / $7,944 per month 140k - $101,866 / $8,488 per month 150k - $108,396 / $9,033 per month 160k - $114,926 / $9,577 per month NB This data may not be 100% accurate, but it's close. Don't hold me to it. |
Re: IR & Tax Calculator
Originally Posted by too soon
(Post 10250524)
33% is the top income tax rate. Depending on your line of work, you'll probably end up paying an average of about 25% of gross income.
There's a good NZ income tax calculator here that works out tax, ACC and kiwisaver (pension) payments http://www.salaries.co.nz/a/salary-tax-calculator/ By the way, there's a cap on ACC payments if you're lucky enough to earn a high income. Why when the top rate is 33% would I effectively end up paying I my 25%? I'm in construction if that makes a difference? The IRD calculator shows me paying 32.8% yet the other link shows 27.8%??? |
Re: IR & Tax Calculator
Think I've just worked it out...
You only pay the relevant tax attributable to each range / increment of pay? So 10.5% on the first 14000 17.5% on the next 34000 Etc Etc? |
Re: IR & Tax Calculator
Originally Posted by mikesearle86
(Post 10250630)
Think I've just worked it out...
You only pay the relevant tax attributable to each range / increment of pay? So 10.5% on the first 14000 17.5% on the next 34000 Etc Etc? |
Re: IR & Tax Calculator
Originally Posted by TommyLuck
(Post 10250773)
Yep :thumbup:
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