What was your pay increase this year?

[Cius]

Got 15%. At same employer of 18 years. Was a retention increase as I told the boss I was job hunting due to repeated low increases.

 

[Werner1975]

Got a decent increase of 5.7% BUT - this pushed me into a higher tax bracket; meaning at the end of the day I only get out R300 extra!!!!

 

[The Voice]

Got 20%

Had to quit my job of 18yrs and find a new employer though

Usually the only way to get a proper increase.

 

[zerocool2009]

Got a decent increase of 5.7% BUT - this pushed me into a higher tax bracket; meaning at the end of the day I only get out R300 extra!!!!

Put R500 in a RA, issue solved

 

[rh1]

Got a decent increase of 5.7% BUT - this pushed me into a higher tax bracket; meaning at the end of the day I only get out R300 extra!!!!

Something does not make sense.

The highest bracket takes 45cents of every rand you earn over over R1,8million
And 41 cents over R857k.

 

[kolaval]

Put R500 in a RA, issue solved

How does one calculate this?

 

[Kaapie]

I do ours in March.
Gonna bump myself, and reduce my hours at store.
10 - 15% to staff. Had a decent year.

 

[Mike Hoxbig]

Got a decent increase of 5.7% BUT - this pushed me into a higher tax bracket; meaning at the end of the day I only get out R300 extra!!!!

Works on a sliding scale so moving into a new bracket shouldn't make that much difference, because you're now at the lower end of the new bracket rather than the higher end of the old bracket...

 

[TheJman]

I do ours in March.
Gonna bump myself, and reduce my hours at store.
10 - 15% to staff. Had a decent year.

If you told your Jewish client's that you support hamas and want to join hamas, do you think you'd be able to do increases, or do the Jews not make up much of your revenue?

 

[Mike Hoxbig]

If you told your Jewish client's that you support hamas and want to join hamas, do you think you'd be able to do increases, or do the Jews not make up much of your revenue?

He said it's a store. It can only be one kind. I would say it, but then someone might wish harm on my family and get banned for it. So a picture will have to do...

 

[prod]

5.6% =(

 

[Werner1975]

Works on a sliding scale so moving into a new bracket shouldn't make that much difference, because you're now at the lower end of the new bracket rather than the higher end of the old bracket...

I dont know the technicalities. wife checked on tax Tim and they say its correct

 

[cguy]

I dont know the technicalities. wife checked on tax Tim and they say its correct

You need a new accountant.

 

[cguy]

25% for me, but it’s the first bump in a few years.

 

[rh1]

I dont know the technicalities. wife checked on tax Tim and they say its correct

Its relatively straight forward to calculate, you can even ask chatgpt for an excel formula or you can do it manually.

Take your annual salary (monthly x 12) and look at the tax tables, so if you earn 1.5million, you would take R1.5m less the R857k, the answer you will multiply by 41% and then add the amount indicated in the table.

You then deduct your primary rebate.

Divide by 12, this may be your monthly tax.

Pension funds and RA is excluded, but they are easy to plot in.

If you still need assistance. I will fire up my laptop and do an example, let me know.

 

[Bliksis]

I sure hope DailyDisinvestor is a bot run site, because if it isn't, the trash journalism content they post has some explaining to do.

Part and parcel of trashy journalism is the lack of requirement to explain anything

 

[Werner1975]

Its relatively straight forward to calculate, you can even ask chatgpt for an excel formula or you can do it manually.

Take your annual salary (monthly x 12) and look at the tax tables, so if you earn 1.5million, you would take R1.5m less the R857k, the answer you will multiply by 41% and then add the amount indicated in the table.

You then deduct your primary rebate.

Divide by 12, this may be your monthly tax.

Pension funds and RA is excluded, but they are easy to plot in.

If you still need assistance. I will fire up my laptop and do an example, let me know.

Thanks for the assist. You lost me at all the math. What do you need from me?

 

[rh1]

Thanks for the assist. You lost me at all the math. What do you need from me?

The departure point is the tax table:



Depending on your annual income you will fit into one of the above categories. i,e if you earn R650 000, you will fall in this category:

512 801 – 673 000

121 475 + 36% of taxable income above 512 800

This to calculate your tax you would take R650 000 - R512 800 =(R137200 x 36%)+R121 475=R49 392+R121 475=R170 867

This your tax amount before rebates:


So R170 867-R17 235=R153 632 then divide by 12 for monthly tax: R12 802.67.

This calculation excludes pension fund and medical aid tax credits.

 

[W@P]

I really need to sharpen up on my tax affairs. As a provisional taxpayer, it looks like I have to pay almost R300k. FFS.

That's a hard pill to swallow even after my normal PAYE on my salary has been paid.

 

[The Voice]

7.5% increase and a 4% bonus. Company had some redundancies so nothing to sniff at.