وبلاگ خانه تبدیل شباهنگ مرکز تخصصی تبدیل صدا و تصویر
Rates are based on your total income for the tax year. Their income could include: The good news is that it`s a common misconception that people pay a higher tax rate when they receive secondary tax legislation. New Zealand`s tax and PAY system is designed to tax employees at the right rate. We have a progressive tax system that ensures that individuals pay a higher tax rate if they earn more. Our current tax rates for individuals are: You may receive a refund or have to pay taxes at the end of the tax year if you were taxed at the wrong tax rate during the year. It is important to use the correct tax number. Griffin works full-time 40 hours a week and earns an annual income of NZ$38,000. To repay him, he gets a second job where he earns NZ$5,000 a year. Its total annual income is now NZ$43,000.
Its highest source of income uses a primary tax code and the lower source of income uses the tax code S. You can choose your tax rate for income from instalment payments. You have 3 options: Our office often receives calls from employees and their employers who are concerned about the impact of secondary taxes when they get a second job. People are usually unhappy with the idea of having a higher tax rate simply because they got a new source of income to pay the bills. Your tax number is M unless you have a student loan. If you have a student loan, your tax identification number is M SL. New Zealand has progressive or progressive tax rates. Rates increase with increasing incomes. Use the S tax number if your employee`s annual income from ALL jobs ranges from NZ$14,001 to NZ$48,000 and does not have a student loan. This calculator calculates income tax rates from 2011 to 2022 All new employees who take up employment must complete a tax return form (IR330).
The employee is responsible for selecting a tax code and there is an organizational chart that the IRD has created to determine which tax code an employee should be on. If a person`s annual income from all sources is likely to be less than $14,000, the secondary tax number (for their second job) is SB. If the income is likely to be between $14,000 and $48,000, the tax number is S. If the income is to be between $48,000 and $70,000, an HS tax number will be used and if the income from all sources will be greater than $70,000, a ST income tax code will be used. Income from a self-service tax code is taxed at 10.5%, for an S code the rate is 17.5%, for an HS code 30% and for an ST code 33%. Part of the income is taxed before you are paid. These include salaries, wages, benefits and income, plan payments and interest. The amount of tax your employer or payer deducts depends on the tax number and income information you gave them. You can get a personalized income tax rate you get: You also need to make sure that all the money you get from investments or interest is taxed at the right rate. When you start getting NZ Super, you may also have other sources of income. You need to make sure that you are using the correct tax identification number.
In reality, the system works and calculates the tax correctly in about 90% of cases. The 10% of the time the secondary tax system does not work is when a person`s income exceeds one of the income thresholds ($14,000, $48,000 or $70,000) because of income from their second job. An example of this is when a person`s first job earns them $40,000 a year, for which they would have a tax number M. Their second job earns them $10,000 a year, for which they would have an HS tax number. The HS tax code imposes them at 30% on their income of $10,000, when in reality their first income of $8,000 from their second job should only be taxed at 17.5%. Over the course of the year, this person will have the PAYE deducted from their total salary of $9,020, although the tax on $50,000 should actually be $8,020. So you`ll be overwhelmed by $1,000. Until the tax department updates its computer system, the only way around this problem is for people to file a tax return or request a personal tax summary from the IRD, or request a special tax rate from the Department of Domestic Income. If the amount you receive from NZ Super is more than what you earn from your wages or salaries, then this is your main source of income. Your NZ Super tax number is M unless you have a student loan. If you have a student loan, your tax identification number is M SL.
In practice, income from a person`s second job should be taxed at the correct rate. You will need to select a tax number when completing your NZ Super application. The tax number you use depends on whether you have a different income and, if so, where it comes from. The amount of secondary tax you pay depends on the secondary tax number you give to your employer or payer. The whole issue of payroll, including tax codes, deductions, including student loans, KiwiSaver and child support, is a minefield and takes an enormous amount of time to manage for small businesses. Other tax codes such as CAE (Casual Agricultural Workers), WT (Schedular Payments) and the credit for self-employed people earning between $24,000 and $48,000 (ME tax code) all have their own rules. While payroll programs speed up the process, we`ve found that sometimes even the computer does it wrong, especially when a bonus or other large salary payment exceeds one of the income thresholds. The tax department has a very good PAYE calculator on its website that can be useful for these situations. IR will determine the amount of tax that is right for you and provide you with a special tax code certificate. You must give it to your employer or pension insurance institution. A special tax identification number is only valid for 1 tax year (April 1 to March 31). If you apply during the year, it will apply from the date the IR approves it until the end of that taxation year.
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