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The 3 Best Online Tax Calculators

12 Sep 2014 8:35 AM - Joshua Stega, Financial Advisor Sydney

Work out how much tax you are paying with these awesome tax calculators

As Benjamin Franklin once wrote, there are only two certainties in life: death and taxes. Let’s face it, tax is a big part of your life. Some of us are paying away up to half our income in taxes. 

So the question remains, how much tax are you currently paying? When you look at the tax legislation you can see that this is not an easy thing to work out manually. Luckily we have reviewed the three best online tax calculators to show you how much tax you are paying.

The 3 Best Online Tax Calculators 

1.  Pay Calculator         

Let’s start with the simplest and most comprehensive tax calculator I can find online. 

With a simple entry of your salary, this tax calculator will work out your weekly, fortnightly, quarterly and annual tax. It will also show you how much you are paying to Medicare, which of course is a sneaky little addition to our tax rates.

This tax calculator also had the added functionality of options, including if your income with super is a package, if you have to pay a HECS debt etc.

Comment: I really like this tax calculator and it is my go to option for easily calculating the amount of tax you pay.

Visit the website here

2.  Payrise Calculator    

We all want to earn more, but how will this impact the amount of tax we are paying? This is a question that can be answered with a simple slide of button with this handy little tax calculator.

While this tax calculator does not have the functionality of option 1, it can simply demonstrate how changes in your salary will impact the amount of tax you pay.

Comment: Very handy calculator, easy to use and simply demonstrates the tax impact of your daydream of earning a higher salary.

Visit the website here

3.  Money Smart Tax Calculator    

Finally, the Government has done something right. It is a big call but this tax calculator is great. 

It is simple to use without the added bells and whistles of options 1 and 2.

We like this tax calculator because it clearly shows your marginal rate of tax. Your marginal tax rate is the tax bracket you are in. This means for each additional dollar you earn, you will pay this much tax.

Comment: The best tax calculator to show you what tax bracket you are current in. 

Visit the website here

The Wealth Guy | Joshua Stega Financial Adviser Sydney

Joshua Stega, is head of financial advice at JAS Wealth (privately owned financial planning firm in Sydney). He helps successful individuals manage their wealth. He has a Masters in Taxation & Financial Planning, is a Fellow of the Taxation Institute, a SMSF Specialist Advisor and has significant direct investment experience.    Google+     Twitter     LinkedIn     Facebook     Instagram

M.TaxFP, LLB(Hons), B.Bus(Acc), FTI, Adv.DipFP, DipFP, SMSF Specialist