Many South Africans have already been using online Salary Tax Calculators for a while, which has virtually eliminated the tax ‘surprise factor’ and made budgeting much easier. These online calculators are great for determining the estimated amount of tax you will be paying the SARS, or whether you will be receiving a refund.
Online Salary Tax Calculators are often free, easy to use and pretty accurate. One of the many benefits of using a program like this is that you no longer need to make use of the services of an accountant which will save you quite a bit of money.
When you use an online Salary Tax Calculator, all you will need to do is enter your monthly income as well as allowances and with a mere click of the mouse you will see what your tax liability or saving will be for the 2013/2014 tax year. Make sure that you double check each and every bit of information you submit so as to avoid any errors.
Using an online Calculator is a great solution if you want to prepare financially and possibly save a bit of money. By knowing in advance what your income tax is going to be, you will know whether a refund is on the cards, or whether you will be paying in, which is great if you are considering a large purchase of some kind or another, such as a home or a car.
To be able to estimate your payments you will need to have a copy of your previous year’s return handy to make sure you include all the income and deductions you expect to take on your current year’s return.
Also make sure you have a record of all the estimated tax payments you’ve already made for the year. You need to take those payments into account when you determine how much you still owe, so have your salary slips handy to see the amounts and the dates you paid.
It will take as little as 10 minutes to calculate your estimated income tax, and the program is basically designed to make it as easy as possible, even if you are not a math or computer fundi. Many Salary Tax Calculato