i have just started working self employed this year, I am now trying to calculate my income tax for each payment (weekly) as they differ.
i have calculated against the 25-26 tax rates
(income x 52 = "yearly income"
yearly income - 18,200 (tax rate) = taxable income
taxable income / 52 = tax for that week)
E.g (404.13 x 52 = 21,014.76
21,014.76 - 18,200 = 2814.76
2814.76 / 52 = 54.3 (tax owed))
I want to make sure I have been calculating this correctly and if there are any other outlying calculations or costs I have not considered.
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264 views
3 replies