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Thread: Take Home Pay question

  1. #1
    Join Date
    Feb 2008
    Location
    Wisconsin, USA.
    Posts
    23

    Default Take Home Pay question

    Hello, we're starting to do some budgeting and what not, wondering what our take home pay would be?

    For instance, in American, if you have the max taken out in taxes, (27% roughly) a $1000 paycheck is now $730 plus you get your health care taken out, so a $100 paycheck is quickly $600 after everything is all said and done.

    What is a rough amount that is taken out each paycheck? Also, are most paychecks weekly, bi-weekly, monthly? America, for the most part, is Bi-Weekly.

  2. #2
    Join Date
    Jul 2007
    Posts
    68

    Default

    [QUOTE=ndheah;180613]Hello, we're starting to do some budgeting and what not, wondering what our take home pay would be?

    For instance, in American, if you have the max taken out in taxes, (27% roughly) a $1000 paycheck is now $730 plus you get your health care taken out, so a $100 paycheck is quickly $600 after everything is all said and done.

    QUOTE]

    The NZ tax rates are 19.5% for the first $38k, 33% for the next bit up to $60k, and 39% for anything above. There's also an ACC levy, which is for the fund used to pay compensation to people for accidents. This is an additional 1.3% on top of these rates.

    Overall, if you're on $50k you'll take home around $38k (76%), on $75k it'll be around $53k (71%), and for $100k it's about $68k (68% obviously).

    You can take out private medical insurance if you wish - costs for this will vary but it's certainly substantially less than it would be in the UK, for example.

  3. #3
    Join Date
    Jun 2007
    Location
    Ireland > Tauranga, BoP
    Posts
    193

    Default

    someone on here did an excellent Excel sheet which you could download and enter your salary into. it then calculated the tax and the take home pay

    in general from what i can remember, if you earned lets say 70,000 New zealand then you'd come out with 4000 a month after tax but i'm only going from memory

  4. #4
    Join Date
    Nov 2006
    Location
    Christchurch, NZ
    Posts
    178

    Default

    I have attached a zipped spreadsheet below which calculates your after tax salary.

  5. #5
    Join Date
    Feb 2008
    Location
    Wisconsin, USA.
    Posts
    23

    Default

    You guys rock! You help soooo much! This is awesome! I really appreciate it :-)

  6. #6
    Join Date
    Jun 2007
    Location
    Yorkshire
    Posts
    218

    Default

    Use this to calculate tax due.



    http://www.ird.govt.nz/calculators/t...ml?id=homepage


    HTH

    Helen

  7. #7
    Join Date
    May 2006
    Location
    Scotland > Hamilton, Waikato
    Posts
    1,137

    Default

    To answer another of your questions, most people seem to get paid fortnightly, with a few being paid monthly.

  8. #8
    Join Date
    Oct 2007
    Location
    Auckland
    Posts
    1,088

    Default

    Would combined tax be less for married couples, as it is in the UK?

  9. #9
    Join Date
    Nov 2006
    Location
    St Albans, UK > Auck, NZ
    Posts
    607

    Default

    Quote Originally Posted by CJ22 View Post
    Would combined tax be less for married couples, as it is in the UK?
    There's no tax credit per se, but two people earning the same salary as one person will pay less tax, as the bands are cumaltive.

    Whether couples are married or not, as I understand it, makes no difference.

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