PAYE / Income Tax Rates / ACC
GST Registration Periods
March 24, 2018
Provisional and Terminal Tax – The Basics
March 24, 2018PAYE / Income Tax Rates / ACC
PAYE
If your income is from salary, wages, benefits or taxable pensions, your tax will automatically be deducted under the PAYE (pay as you earn) system. This means when you get your weekly, fortnightly, or monthly pay, your tax has already been deducted from it.
PAYE is the tax your employer deducts from your salary and wages. It includes:
– the tax rate for your income, and
– an ACC earners’ levy
Income tax rates for individuals
The rates in the table below apply from 1 April 2016 onwards.
| Taxable income | Income tax rates for every $1 of taxable income (excluding ACC earners’ levy) | PAYE rates for every $1 of taxable income (including ACC earners’ levy*) |
| up to $14,000 | 10.5 cents | 11.89 cents |
| from $14,001 to $48,000 | 17.5 cents | 18.89 cents |
| from $48,001 to $70,000 | 30 cents | 31.39 cents |
| $70,001 and over | 33 cents | 34.39 cents |
| No notification** | 45 cents | 46.39 cents |
ACC earners’ levy rates
All employees must pay an ACC earners’ levy to cover the cost of non-work related injuries. It is collected by us on behalf of the Accident Compensation Corporation (ACC).
Employers deduct the earners’ levy from wages. It is included as a component of PAYE deductions.
Earners’ levy is charged at a flat rate each year: The Current Year (2016/17 onwards) ACC Levy Rate is $1.39 per $100 i.e. 1.39%
Income Tax Calculator
The IRD has some very good calculators to workout your tax on your taxable income. Click the link below and then Start.
http://www.ird.govt.nz/calculators/tool-name/tools-t/calculator-tax-rate.html
2 Comments
ZFN Liker, Autoliker, Status Auto Liker, autoliker, Photo Auto Liker, auto like, autolike, Status Liker, Working Auto Liker, Autolike, Auto Like, auto liker, Increase Likes, Auto Liker, Autolike International, Photo Liker, Autoliker
Like!! Really appreciate you sharing this blog post.Really thank you! Keep writing.