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Originally Posted by poeblo
Hi
I was wondering the same thing. what % of national insurance and tax do you pay out of an avarage wage say 40000
Many thanks in advance for any help
Paula
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Current national full time average wage is now almost $55,000 (according to newspaper this weekend)
Some Examples of Tax calculations (at
2006/2007 rates) are:
$25,000 gross = $2,850.00 tax (ie: 11.40% of gross)
$35,000 gross = $5,850.00 tax (ie: 16.71% of gross)
$45,000 gross = $8,850.00 tax (ie: 19.67% of gross)
$55,000 gross = $11,850.00 tax (ie: 21.55% of gross)
$65,000 gross = $14,850.00 tax (ie: 22.85% of gross)
$75,000 gross = $17,850.00 tax (ie: 23.80% of gross)
$85,000 gross = $21,850.00 tax (ie: 25.71% of gross)
$100,000 gross = $27,850.00 tax (ie: 27.85% of gross)
$200,000 gross = $67,850.00 tax (ie: 33.93% of gross)
On top of these rates will be the 1.5% Medicare levy. If a single person earns more than $50,000, or a couple over $100k, and DOES NOT HAVE private medical insurance, this will be increased to a 2.5% Medicare levy.
On $40,000 gross it will be $7,860 tax and $600 Medicare = total $8460 deductions = net pay $31,540.
The employer will also pay an additional $3,600 (9% of gross) into a super fund for you.
