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Re: Tax on a Second Job

I'm new

Views 74

Replies 3

Good Morning All,

 

I am seeking some advice on having a second job. I am struggling to use the calculator. When I enter my annual salary, is this before tax with both jobs combined? Say I earn 48,000 at job 1 and 10,000 at job 2 (both before tax). If I don't claim the tax free threshold on job 2, how much would I be looking at tax wise for the year? 
I also have a trade support loan that comes out of my tax which is between $450-900 per year.  

Any advice on how to calculate? 

1 ACCEPTED SOLUTION

Accepted Solutions

Most helpful response

Enthusiast

Replies 1

When I enter my annual salary, is this before tax with both jobs combined? 

yes pretty much. so annual salary would be (pretax total job 1 + pretax total job 2) aka (58k and all the tax that's withheld from both)

Generally, you should only be claiming the tax-free threshold for one job only anyway. 

You can use the detailed calculator which is accurate as it takes into account medicare levy and also considers the trade support loan. The calculator is an estimate only as its based on 2020 tax rates not 2021. tax rates always change.

https://www.ato.gov.au/Calculators-and-tools/Income-tax-estimator/        (scroll to the end)

 

 

 

3 REPLIES 3

Devotee

Replies 0

Tax is based on total income regardless of the number of jobs - you put in the total pretax income from all your jobs combined

Most helpful response

Enthusiast

Replies 1

When I enter my annual salary, is this before tax with both jobs combined? 

yes pretty much. so annual salary would be (pretax total job 1 + pretax total job 2) aka (58k and all the tax that's withheld from both)

Generally, you should only be claiming the tax-free threshold for one job only anyway. 

You can use the detailed calculator which is accurate as it takes into account medicare levy and also considers the trade support loan. The calculator is an estimate only as its based on 2020 tax rates not 2021. tax rates always change.

https://www.ato.gov.au/Calculators-and-tools/Income-tax-estimator/        (scroll to the end)

 

 

 

Community Support

Replies 0

Hi @taylaappleton,

 

What @SM2304 and @Taxnerd both said is correct and that calculator is a handy tool that should run you through everything you need.

 

Let us know if there are any issues or if you need any further clarification.