|
TaxTim says: 20 April 2022 at 23:59 Do you receive any allowances such as a travel allowance, housing allowance or medical or pension fund employer contributions? If yes, you need to add this to your estimated income section to see what your gross income was. Please make use of our SARS income tax calculator to work out what your gross salary would have been if you had those allowances, if not, I did the calculation for you below. Take home pay:
R34000 In the previous year this would have been R33724 (now R276 more!). This is how you work it out: Taxable income = Annual gross salary - Pension / Provident / RAF (limited to 27.5% of salary, limited to R350k) - 20% of travel allowance (You are taxed on 80% of the travel allowance in your Gross salary, so we subtract 20% for the calculation of Taxable income.) Taxable income = R 521,160.00 - R 0.00 - R 0.00 Taxable income for the year: R 521,160.00 Tax you will pay / PAYE (Pay As You Earn) for your age group and income bracket: R 9,251.88 (as per PAYE tables provided by SARS) Take home pay = Gross salary - PAYE - UIF (UIF / Unemployment Insurance Fund is levied at 1% of your gross income, at most R177.12) Take home pay = R 43,430.00 - R 9,251.88 - R 177.12 Take home pay: R 34,001.00 per month :) |
Do Your Tax Return Easily