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#Boat loan repayment calculator code#

In addition to income tax, the Pay As You Earn (PAYE) tax system in New Zealand also includes a component for ACC (Accident Compensation Corporation) levies. In this example, the person paid $9,520.00 in PAYE tax on a $55,000.00 gross salary, so the effective tax rate across the whole salary was 17.31%.Īccident Compensation Corporation (ACC) levies component of calculation: 3.82% of the gross salary goes to the third tier of tax.10.82% of the gross salary goes to the second tier of tax.2.67% of the gross salary goes to the first-tier tax.Now let’s look at an example of an employee who has a gross salary of $55,000.00 NZD per year.

In this example, the person paid $23,920.00 in PAYE tax on a $100,000.00 gross salary, so the effective tax rate across the whole salary was 23.92%.

9.90% of the gross salary goes to the top tier of tax.

6.60% of the gross salary goes to the third tier of tax.

5.95% of the gross salary goes to the second tier of tax.

1.47% of the gross salary goes to the first-tier tax.

Looking at the PAYE tax owing at the different tiers we can see that on this particular salary the breakdown is as follows: This salary was chosen as it is easier to see the relative percentages of the deductions for each facet of the calculation in the workings process. Let’s look at an example of an employee who has a gross salary of $100,000.00 NZD per year. It is the employer's responsibility to work out and deduct the correct PAYE, ACC Levy Fee, Student Loan and KiwiSaver amounts from an employee’s salary or wagers and to send the monies owed to the IRD.

#Boat loan repayment calculator code#

Without declaring the tax code on the completed IR330 the tax rate charged will be the no notification rate of 45%.

If you or your significant other is entitled to WFTC (Working for Families Tax Credits).If your income is within the window for the IETC (Independent Earner Tax Credit).If you are a tax resident of New Zealand.Whether you have one or more sources of income.An example of this is receiving a state-based support benefit such as an accommodation supplement. Whether you receive an income-tested benefit.Things that influence the code that you will use are the following: This declaration is used to clarify the tax code that you will be taxed at. For PAYE to be taken at the correct rates the taxpayer must complete a tax code declaration form which at the current time is the IR330 form.