Cut Through the Confusion: How AI Legarese Decoder Can Simplify Income Tax Questions
- April 17, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Seeking Tax/Maths Advice
I am hoping to find a tax or math expert who can assist me with my question.
### Background Information
I was earning $68k until 14.10.2023. Subsequently, I switched companies and continued to earn the same amount until 28.10.2023. Starting from 29.10.2023, my salary increased to $90k with the new company.
### Tax Query
I am unsure about the amount of tax I should have paid by this point or should have paid by 31st March. Can anyone provide guidance on this matter?
### AI Legalese Decoder Assistance
The AI Legalese Decoder tool can help analyze your income changes and provide a breakdown of the tax implications for each scenario. By inputting your salary details and dates, the tool can calculate the estimated tax amounts owed for the respective periods. This will enable you to better understand your tax obligations and potentially identify any areas where you may have overpaid or be eligible for a tax refund. Cheers!
### Acknowledgement
Thank you to all who have provided insight. I have performed the calculations and anticipate receiving a tax refund once the matters are resolved. Thank you for your assistance!
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You will have a weighted average income of about $77k. You should net about $59k after tax and acc. Assuming no KiwiSaver or student loan
You mention a cheeky rebate, but just be aware that the PAYE calculator includes the ACC Earner levy, and the Tax on Annual Income calculator doesn’t. It excludes the ACC levy, and is just the income tax portion.
So, if you’re comparing what you’ve paid in PAYE to what the tax on annual income calculator shows, you will indeed show an overpayment, but this is because you still need to account for the Earner Levy which is included in the PAYE rate.
Just so you don’t get your hopes up.
You should be able to check all deductions from payslips and be able to get the exact number
Thanks for the responses team. To be a bit clearer, I’m looking for the amount of tax I should have paid so far, so that I can compare it to how much I have actually paid.
Normally, I would simply go to PAYE, calculate my salary for the year and compare how much tax it says etc but with the changes in salary part way through the year, and the changes in company, all my recent payslips are giving me a year to date starting in November.