|
|
| *Ostroff, Fair and Company>>>Australia Taxes |
Do we now have to pay for our employers super and pay medicare before tax and after tax? |
my end of year payslip states that i recieved x dollars and paid so much in tax when you add up the normal time pay and the holiday pay and sick pay it comes to roughly the ammount that it states i get per year . but on my tax form from them it has a higher amount than the pay slip. when i queried this i was told that it was because of medicare and super. my question is how? The amount you get to keep is called "take home" pay. However, before you get to take it home, the government wants its share. So, if the employer pays you Z dollars, the government then takes its share Y dollars, which leaves you with X dollars, your take home pay So, the employer paid out Z dollars because you were working for it, so that is considered your "actual" pay and they put that amount on the tax form, even though all you ever saw was the take home pay of X dollars. Put another way, the government considers your pay to be the amount you got to keep, plus the amount they got to keep, which is what it cost your employer because you were working for it. WARNING!!!!! Super does NOT come out of your pay, the employer pays it! Secondly, the medicare is worked out as part of the tax return, NOT in the payment summary!!! DON:T GET TAXED TWICE!!! The ato will do the medicare again otherwise. When you say your tax form do you mean your Payment summary from your employer? This document should summarise all payments and tax withheld by your employer and a copy is sent in when you lodge your tax return to the ATO. Your Medicare levy is something that is calculated when you lodge your tax return, it is not something that should be on your summary from your employer. I think your year end payslip should have your employer and your personal superannuation contributions for your information. yes |
| Tags |
| Mexico Taxes Ireland Taxes India Taxes Germany Taxes Canada Taxes Australia Taxes Small Business Renting & Real Estate |
Finance Categories--Copyright/IP Policy--Contact Webmaster |