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Hi,
I own 2 companies and am employed by both, one as a full time employee and one as a casual. I have ticked claim tax free threshold from company #1 which is my full time employment but not on company #2 casual employment. My accountant has advised me that not enough tax is being withheld from company #2. She says my tax withheld needs to be based off my combined gross wages for both jobs.
So as an example based on current settings:
My gross wage from company #1 is $1000 and I am getting taxed $162
My gross wage from company #2 is $400 and I am getting taxed $90
Total gross wages from both jobs = $1400 with $252 PAYG
If you look at the tax table for total combined wages the tax is $301 so a difference of $49
Is there a way of telling quickbooks that I (the employee) have two jobs and it needs to change how it is deducting the PAYG component? I've tried to chat and talk with Quickbooks with no help.
Hi there REN9,
The PAYG calculation is automatic and is based on the taxable earnings of the employee. Ticking the tax free-threshold for this employee in the employee setup can affect the PAYG calculation on the pay run.
We'd recommend checking your employee set up and the pay category set up and used for each job. Here's how:
Then, to check the pay categories used:
Also, additional factors on the PAYG Calculation is based on the Tax file declaration, Pay Schedule and taxable earnings.
You may want to check the PAYG Calculator available in the ATO website: https://www.ato.gov.au/Calculators-and-tools/Host/?anchor=TWC&anchor=TWC/questions#TWC/questions
If you have other questions in mind, feel free to go back to this thread.
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