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My CTC is R22 000 with 50% contribution from company on medical(R1976), how should tax be calculated

Posted 1 July 2014

I have a CTC of R22,000 and included in that amount is the 50% medical contribution from the company, how will my tax be calculated. My medical aid is R1976.

TaxTim Marc TaxTim Marc said:
1 July 2014 at 10:23

You will be taxed on the full cost to company of R22 000, but you will be allowed a credit against the tax of R242 per month for the 2014 year for you as a member of your medical aid. The amount for 2015 will be R257 per month. Please make use of our Tax refund calculator to get an idea of the tax.

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