Marginal Tax Rate Calculator.xls

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Marginal Tax Rate Calculator.xls Powered By Docstoc
					          2012 Financial Year - Net Salary Calculator for Business Owners
*Note*: You will need to enable macros in Excel.
This spreadsheet enables business owners who want to take home a specific amount of cash to know how
much gross income and PAYG Withholding that will be required in order to arrive at that desired take home
cash figure.

To use this calculator determine the pay period weekly/fortnightly/monthly. Use the dropdown boxes to
select if HELP or Medicare levy surcharge applies to you. Then click on the grey button below. Enter your
desired take home pay. Please note, if you wish to change the pay frequency or to take home a different

Step 1:
Select Pay Frequency                      Monthly
Step 2:
Enter Take Home Pay for Period
Step 3:
Use the figure in the blue box as the amount of tax to be withheld and
paid via the BAS for the period and the figure in the orange box as your
gross income.
                                                                        Monthly               Yearly

Gross Pay                                                         $          5,061.27    $     60,735.29

Primary Tax                                                       $            980.88    $     11,770.59
Medicare Levy                                                     $             75.92    $        911.03
Flood Levy                                                        $              4.47    $         53.68
Medicare Levy Surcharge applies                No    2.00         $               -      $           -
HELP (HECS)                                    No    2.00         $               -      $           -
Total Tax Payable                                                 $         1,061.27     $    12,735.29
Take Home Pay                                                               4,000.00          48,000.00

Medicare Levy Surcharge applies if your income is above $80,000 (single) or $160,000
(couple/family) and you do not have private health insurance.

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