Ostroff, Fair and Company
*Ostroff, Fair and Company>>>Australia Taxes

Is there a formula to figure out how much tax I should pay?


Is there a formula to figure out how much tax I should pay?

Go to the ATO website and use the tax calculator for individuals or download the current tax table. Source(s): www.ato.gov.au/individuals
Is this how much tax should come from your pay each week? Or how much tax you will need to pay at the end of the year? You should put more details in your question so i could give you a specific answer.

But you should be able to find what you are looking for on the tax offices website www.ato.gov.au

Good luck, and hope you don't have to pay too much..
If you get a Social Security Statement, telling you of your estimated benefits, based on your income history, the 3rd page on the bottom shows a formula of; 6.2% of salary, up to $87,900, in Soc. Sec. & 1.45% in Medicare, with employer matching it. If you're self-employed you pay the full 12.4% in taxes plus Federal & state {if applicable}. Usually, Approx. 26% total in taxes.
My Annual Social Security Statement from the S. S. Admin.
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