How Much Tax Should I Withhold?

Your Name (Optional)

1. Choose Tax Year

2009/2010 2010/2011

Estimated Net Tax Payable

2

2. Enter Your Estimated Income and Expenses

or

of your total earnings.

Estimated Earnings

Include all business, investment, employment and any other income before deductions

Estimated 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

For Example

GrossTax Payable

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

1

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

1

Tax Offsets may reduct your tax but may not increase any refund you may be entitled to.

2

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.

DISCLAIMER:

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.