Working 2 jobs.

[dale_mighty_pies]

Hey guys, bit confused on this one.

I'm only just out of highschool, so pay isnt huge

Job A: Full Time, 34k a year
Job B: Casual, 5k a year

What happens with my tax and how does it effect how much i am taxed.. is it worth doing extra casual work or will it all be taxed??

Thanks

 

[rickster]

G'day Dale

The tax-free threshold will be applied on your first job, so the casual job will be taxed at a higher rate. However you may get some back at tax time as the Tax Office only look at overall earnings.

Cheers

 

[nokiacasio]

It won't all be taxed away. You will receive most of it. Check out the different income tax rates.

 

[w00dy]

Hey guys, bit confused on this one.

I'm only just out of highschool, so pay isnt huge

Job A: Full Time, 34k a year
Job B: Casual, 5k a year

What happens with my tax and how does it effect how much i am taxed.. is it worth doing extra casual work or will it all be taxed??

Thanks

you don't actually have to pay any extra tax on your 2nd job, they just take more out from that job to ensure you pay enough tax throughout the year and that you don't have to pay any tax back at tax time...

your marginal tax rate earning those amounts is 30c for every dollar... so for every dollar you earn in your casual job, your tax payable for the year would increase by 30 cents... so of the 5k you'll get $3,500 in your pocket...