5 Best Income Tax Calculators To Work Out Your Take-Home Salary
Generally, the working class in South Africa doesn't know which tax-bracket their salaries fall into.
And that's okay, it's your HR's job to do the calculations for correct monthly deductions on your salary.
But today, I'm going to show you the best income tax calculators you must use to verify and do your own calculations.
Often, people can't understand why their salaries are taxed that high, especially when it's time for bonuses.
Without wasting your time, let's dive right in.
What Is Income Tax?
According to Wikipedia, income tax is a tax imposed by the government on individuals or entities that varies with respective income or profits.
Income tax is basically a source of revenue for the South African government. Any working person in the country is obligated to pay monthly tax from their salary.
And there are different types of income tax for individuals and businesses. The monthly tax is calculated based on the amount earned.
The Best Income Tax Calculators
Use any of the following income tax calculators to learn more about your salary in the year 2021.
Most people in South Africa use these calculators to learn how tax is calculated for their bonuses and project-profits.
1. Old Mutual Tax Calculator
A user-friendly salary tax calculator.
Use the tool to work out how much your income will be taxed this month.
TaxTim offers a free SARS income tax calculator to work out salary tax (PAYE).
3. Sanlam Tax Calculator
Calculate your annual and monthly income tax deductions using the Sanlam calculator.
Very easy to use, simply use the slider to select your age, enter monthly salary, and click calculate to see results.
4. Sage Tax Calculator
Sage offers a wide range of premium account solutions for businesses across the country.
However, they offer the SARS tax calculator for free - to assist individuals to understand income tax.
5. Talent Tax Calculator
Use the Talent income tax calculator to find out how much would be your take-home, after-tax deductions.