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Tax calculation on cost to company package of R 988 152

Posted 9 February 2015

I am 43 and I earn per month a gross of R71 805, with a contribution of R3705. 15 as my contribution towards my pension. I have made provision for payment of my bonus as at my birth date which is 03 August of every year with the option the tax thereof recurring. What should be take home after tax, put differently, what should I be contributing as my tax on a monthly basis?

I started with my new employer on 01 October 2014, does a start date have an effect on my tax contributions, if so, how so and how much in terms of rands and cents.

TaxTim TaxTim says:
15 February 2015 at 19:04

Your tax is based on the total income earned during the year. If you started at a new employer then you would need to add all your income for the period together and use the tables to calculate how much you would need to pay.

Based on what you have said your tax per month before bonus would be R20 010.50 and with your bonus, assuming it is equal to a 13th cheque so you should put aside an extra R1793 per month in order to be safe on the tax.

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