
Income Tax Calculator
Understanding the amount you pay in income tax is important to your financial planning. Income taxes affect your income, which in turn will affect your budget and anticipated expenses. The amount you pay in income taxes can also affect how you approach borrowing. Furthermore, income tax thresholds change each fiscal year. It's important to understand how the income tax thresholds will affect your weekly income so that you can adequately budget and prepare for your financial future.
The simple income tax calculator on this page can help you determine the total amount you will pay in income taxes, what your net income will be and how much you will pay in income taxes each week. You can also see how the current tax thresholds for fiscal year 2008 - 2009 have changed from fiscal year 2007 - 2008 and determine the weekly difference in your income.
To use the income tax calculator, simply enter the amount of your annual income (in dollars) and click calculate. You will then be able to see the current tax thresholds for fiscal year 2008 - 2009 and the previous tax thresholds for fiscal year 2007 - 2008. Note the various income ranges and tax rates (displayed as a percentage). Some variations have been made to the tax thresholds for fiscal year 2008-2009. For example, the highest tax rate now begins at $180,001, rather than $150,001.
The weekly difference in your income from FY 2008-2009 to 2007-2008 will be displayed in the bottom right hand corner. You can view the total income tax paid and net income differences per annum and per week in the right hand column of the page.
Note: The results from this calculator should be used as an indication only. Results do not represent either quotes or pre-qualifications for a product.
Money-Saving Tip
- Understand what you are paying in income taxes and how your income range affects your tax rate. A certified tax professional can help you save the most money possible on your income taxes.