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jackthetax(Newbie)Newbie
6 Aug 2024

Hi,

I've created a tax calculator for a business however upon reviewing the calculator there are instances where my calculator is either off by $1 or -$1. Can someone please explain what I am doing wrong here?


The example I'm showing is a basic income with tax-free threshold:


Weekly Gross Income: $1036

Tax Brackets: Tax Rate: Tax Amount

361: 0 : $0

500: 0.16 : $22.24

625: 0.26 : $32.5

721: 0.18 : $17.28

865: 0.3227: $55.18


Total: $154.42, rounded $154


NAT 1005 - Weekly Tax Table says a weekly earning of $1036 amount to be withheld is $155.


Thank you!

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Tax amount off by $1 on my tax calculator | ATO Community