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How much do you get taxed for a second job?

Discussion in 'The Pub' started by wang chung, Oct 5, 2006.

  1. wang chung

    wang chung Member

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    Is it only if you have 1 full time job + casual jobs ?


    If you have 2 or more casual employers do you still have to pay alot of tax?

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  2. G

    G Premium Member

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    No, just ensure that your capital losses outweigh your capital gains and minimize your tax. Not unlike what the Gecko advised...
     
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  3. mjt57

    mjt57 Premium Member

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    How you're taxed depends on your marginal rate. You can opt to pay the next marginal rate. And if at the end of the year, you're overtaxed, you get a refund.

    Work out your total salary and see where it fits in under the tax tables. Then talk to each of your employers to arrange the amount of tax to be withheld. Always err on the over-taxing side. This prevents any nasty surprises at the end of the tax year.
     
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  4. 2ndclasscitizen

    2ndclasscitizen Premium Member

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    Whatever you do, on your tax form for your other jobs, make sure you list it as a 2nd job. You get taxed at the full rate, but you'll probably get it all back. If you don't, you'll end in the same situation that my older sis did, owing a heap on return.
     
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  5. Wild Violet

    Wild Violet Member

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  6. mjt57

    mjt57 Premium Member

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    It can be taxed at whatever rate you ask the payroll clerk to tax it at.

    If, for example, your primary source of income is $50,000 a year, then your top rate will be 31.5 cents in the dollar. If your second job is say, worth $20k, then you can still be taxed at the same rate as your other job. However, if you go beyond the $75k threshold, then anything earned over that amount is taxed at the next highest rate.

    The ATO has the tax tables for individuals. It's not hard to work out. It also has online tax calculators so you can work out what tax is payable on your total income, and what you should be paying each pay.

    There's no differentiation between main and part time jobs. What is looked at at the end of the tax year is your total taxable income. As I said earlier, for your main income, let it be taxed at the normal rate. But for the second job, ask for it to be taxed at the max. rate for that tax bracket. That way you won't have any nasty surprises come tax return time.
     
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  7. D Stump

    D Stump

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    the last time i checked, 2 jobs get taxed 40%. that was a while ago.

    i think you should telephone the tax office. nr is only going to give you heaps o different answers and you need the correct one.
     
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