The Tax Preparation Blog

Posts Tagged ‘ato online tax withheld calculator’

Question: Why does the % of my paycheck withheld go up if I’m paid semimonthly versus monthly?

According to several online calculators, it looks like my tax withholding will be a larger percentage of my income if I’m paid semi-monthly as opposed to monthly. Why is this? I’m expecting to get most of my withheld tax back, so I don’t want to give the gov’t an interest-free loan if I don’t have to.

Answer: It shouldn’t if you have correctly entered the gross salary figure.

For instance, a $4000 per month salary equates to a semi-monthly of $2000.

If you enter the wrong numbers, you’ll get the wrong answer.

GIGO, in other words.

Online federal benefits calculators

– Federal retirement: http://www.opm.gov/retire/tools/calculators/ballpark/menu.asp Employment – United States – Government – Units of Measurement – Business

Tax Withholding Calculator | Liberty Tax Service