I am about to receive the payment for a resolved underpayment settlement and am curious about the amount the former employer are withholding.
How should this be worked out?
- the dispute was over unpaid and mispaid salary during the employment
- the amount is in excess of the normal weekly payment during employment
- I am currently unemployed and have been for 6 months during this Financial year, earning less than $25k this financial year
- it is a one-off payment.
- the settlement amount is $x less tax
The amount of tax they have stated seems high, 35% of the settlement amount.
Am trying to establish what the rate of tax withholding should be and how i rectify this....
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