Paycheck NZ

[Duke]

Hi all...Hope your New Year is starting off a scream
OK... I need a little help to visualize what this may look like in NZ

-A paycheck

it seems they take a little less than half of my pay here in the states/ counties and for other programs like health/ pension. Every state I work in is different too, so I never receive a stable check to budget.

Lets say I get a NZ employer to pay me 25 NZD/hr for a 40 hr week...How much cash would I have in my pocket at payday?

or I get an employer to pay a salary of 60000 NZD... how does salary go down?

Depending on my employer and thier benefits, how does one in NZ save for retirement other than depending on the superannuity? Im not talking about a shoe box buried in the yard either..

Health care is free, right? so that is payed by everyone in NZ, or visiting???

Can anyone explain in Lameins terms the tax table from the local to national level...meaning everything that is tax'd

I just want to try to vision what economic lifestyle I may be living in NZ...

Thanks for any Replys

[Cliff]

THIS LINK MAY HELP YOU: Income tax rates for individuals (Find out about)

You would be: PAYE (pay as you earn)

Health insurance is paid in your taxes. If you are self employed you will also have ACC Levy which is based on what you do. The more dangerous, the more you pay.

The really aren't any deductions so tax is pretty easy and runs April to March.

GST- General sales tax is included in most prices (GST INCL -GST Inclusive) so the price you see is what you pay. Everyone pays and no exemptions. Clean and simple.

[Duke]

please excuse my ignorance of not understanding taxes...I have no clue how they do it here in states let alone in NZ...but I did notice going to the counter at the store you did pay what was on the price tag, which was the way I like it.
Ok..
40 hrs/week x 25 NZD/hr=1000 nzd/week
1000/wk x 4 wk/mo= 4000 mo
4000 mo x 12 mo/yr= 48000yr

so my tax would look like this
14000 x 12.5%= 1750
25999 x 21% = 5460
7999 x 33% = 2640
= 9850 NZD
So PAYE will be determined on the tax code which would be M...??? yes, my job is dangerous( high voltage, fall hazards, physical strain) will it be more for ACC???
I got
1000NZD/wk - 245 PAYE -40 KiwiSaver employee deduction(4%) = 715 NZD/ wk Net pay...correct???
Is there anything else that I am missing, because I want to learn to understand this, and its funny because I dont even live there.

oh ya...What is a KiwiSaver???
Thanks for any feedback

[zummerzet_lou]

A very general rule of thumb, is to half your earnt pay, to give your take home money.

I pay 39% tax, and also 4% contribution to kiwisaver ... and give-or-take a few dollars, this is half my money gone

[Banjo.Jon]

Also, $1000 a week would equal $52,000 a year not $48,000! So, there you go, your $4,000 up already

[Duke]

O ya, 52 weeks in a year....duhhh!! man, I hope I never work that much.. Thanks for the help

I dont know how the Kiwis do it?
Most standard home prices range from 300,000 to 400,000...w/ 20% down thats about 70000, then monthly payments have to be around 2-3000.
To afford a home in NZ do you have to be in the 39% tax rate or earn more than 70000?.
How do NZ'ers have such a high home ownership if one has to save such a large amount of money to get a key?
Home mortage, home insurance,car payment+/-, car issurance, fuel, food, utilities, etc... it just doesnt add up???
....and now I know why I was never interested in this

[Welshgirl]

Do you guys ever look on the main page of this website??

Try this link Move To New Zealand - Understanding New Zealand Tax - might help ya a bit and there's a link to a Pay Calculator which is useful too!

HTH

[Duke]

Thanks Welshgirl...Wow...it was right under my nose the whole time...Im embarrassed, I apologize... very helpful calculators on here...its a no brainer.
Thanks for the help


So the KiwiSaver...a savings put away for you and you choose 4-8% taken out each week or whatever?

so for retirement..NZ'ers have the superannuituy nd the KiwiSaver...correct?