How is tax calculated NZ?

The PAYE calculated as a result is based on the employee’s earnings and includes basic salaries, bonuses, fringe benefits and other allowances . PAYE is calculated monthly and paid to SARS by your employer monthly, even if you are paid weekly / fortnightly.

The amount of tax you pay depends on your total income for the tax year. … From 1 April 2021. For each dollar of incomeTax rateUp to $14,00010.5%Over $14,000 and up to $48,00017.5%Over $48,000 and up to $70,00030%Over $70,000 and up to $180,00033%Tax rates for individuals – Inland Revenue www.ird.govt.nz › income-tax › tax-rates-for-individuals

Sales Tax Calculation To calculate the sales tax that is included in a company’s receipts, divide the total amount received (for the items that are subject to sales tax) by “1 + the sales tax rate” . In other words, if the sales tax rate is 6%, divide the sales taxable receipts by 1.06.