Net amount you will receive:
R@{ formatCurrency(netAmount) }
This is how you work it out:
Your taxable income = R@{ formatCurrency(totalTaxableIncome) }
Your marginal tax rate from SARS = @{ taxRate }%
Tax on withdrawal is approximately R@{ formatCurrency(withdrawAmount) } x @{ taxRate }% = R@{ formatCurrency(taxOnWithdrawal) }
SARS owed = R@{ sarsOwed }
Net amount you get to take home = R@{ formatCurrency(withdrawAmount) } - R@{ formatCurrency(taxOnWithdrawal) } = R@{ formatCurrency(netAmount) }
Disclaimer: This calculator relies on inputs provided by you and therefore TaxTim cannot take responsibility for any errors or omissions on your part. Since there are factors that may affect the result of this calculation that are outside the knowledge of TaxTim, TaxTim cannot take full responsibility for the result displayed. The calculator is for indicative purposes only, for a complete calculation ask a professional.
Please note: There may be additional fees deducted by your fund administrator.
Do Your Tax Return Easily