How Much Tax Should I Withhold?
Your Name (Optional)
1. Choose Tax Year
Estimated Net Tax Payable
2. Enter Your Estimated Income and Expenses
of your total earnings.
Include all business, investment, employment and any other income before deductions
The above percenetage can act as a guide to how much you should withhold from your weekly or fornightly payments and therefore help in your tax planning.
Include all allowable deductions in relation to the Earnings recorded above
Estimated Taxable Income
If the percentage calculated is 10% and your fortnightly receipts are $2,500 then you may wish to withhold $250 and place aside for tax at the end of the year. (Please also see notes below)
3. Enter any Tax Offsets or Tax Paid
Tax Offsets and Rebates
Eg Net Medical Expenses or 50% Education Tax Refund
Tax Already Paid
E.g Any PAYG Instalments or PAYG Withheld from Wages
Estimated Low Income Tax Offset
Rebates and Tax Credits
Tax Offsets may reduct your tax but may not increase any refund you may be entitled to.
If your liable for the full Medicare Levy or surcharge you should add 1.5% and 1% to this amount respectively. See also note 1
This Calculator is meant as a general guide and many variables may alter the result. Please refer to your Accountant for a more accurate percentage.
This calculator is intended to be a helpful guide to clients and is for their private information. The information provided from this calculator is given in good faith and is believed to be accurate.
However, neither Child Care Accounting nor any of its employees give any warranty of reliability or accuracy nor accept anyresponsibility in any way including by reason of negligence for errors or omissions herein.
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