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Excel

Excel Skills
Skills || Income
Income Tax
Tax Calculation
Calculation Template
Template
About
About this
this template
template
This
This template
template enables
enables usersusers to to perform
perform income
income tax tax calculations
calculations based
based on
on multiple
multiple tax
tax brackets
brackets (also(also referred
referred toto as
as aa s
template
template design incorporates six default tax brackets, but you can add additional tax brackets if required. All the income tax
design incorporates six default tax brackets, but you can add additional tax brackets if required. All the income tax
and
and user
user input
input is is limited
limited toto defining
defining the the appropriate
appropriate tax tax bracket
bracket values
values and
and income
income taxtax percentages.
percentages.
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sample of of the
the income
income tax tax calculation
calculation template.
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templates. instructions. You You also also don't don't need need advanced advanced input input and and include include comprehensive comprehensive step step by by step step instructions. percentages.ple ple tax tax brackets brackets (also (also referred referred to to as as aa sliding sliding income income scale). Most Most Excel Excel templates templates eports eports based based on on limited limited user user input. ve ve created created this this sample sample to to enable enable customers customers to to view view the the layout layout and and emplate -.the template the full full version version of of the the template template can can only only be be downloaded downloaded s template Register for a full membership k here click here . All the income tax calculations are automated ax ax percentages. ware ware solutions solutions than than regular regular Excel Excel templates. input. All the income tax calculations are automated if required. The The xx brackets brackets if required. scale).

instructions instructions on on setting setting up up and and using using this this template. After entering the appropriate tax bracket values and income tax percentages. Income Tax Calculation The only user input that is required in order to perform an income tax calculation is to specify a gross monthly remuneration amount in cell B21. all you need to do is to enter the appropriate tax bracket values in column B and the appropriate income tax percentages that relate to each tax bracket in column C.this sheet enables users to perform monthly income tax calculations based on variable monthly remuneration amounts and also takes medical aid deductions into account in the calculation of the appropriate monthly income tax amounts. If you require more than six income tax brackets for your calculation. template. All the income tax calculations are automated and user input is limited to defining the appropriate tax bracket This This sheet sheet includes includes detailed detailed values and income tax percentages. Medical aid deductions have also been added to the template. You can also specify a Start Date in cell B3 in order to change the month end periods in column A. The template design incorporates six default tax brackets.Excel Skills | Income Tax Calculation Template Instructions www. but you can add additional tax brackets if On Onthis this sheet: sheet: required. This is the only protected sheet in the Tax Brackets Setup full version of the template! Our default tax bracket setup provides for six tax brackets in the cell range from cell A3 to cell E9. Monthly . Monthly Income Tax Calculations The Monthly sheet contains a monthly income tax calculation that can be performed by simply entering the appropriate gross monthly remuneration amounts in column B. This amount is deducted after calculating the income tax that is applicable to the specified remuneration amount and also has the effect of reducing the effective income tax rate. annual income tax. medical aid deductions. Page 3 of 6 .excel-skills. simply insert the required number of additional rows anywhere between row 4 and 9. you need to specify the number of dependents and the medical aid deduction rates that are applicable to the tax payer & first dependent and the additional dependents. monthly income tax.this sheet contains the income tax brackets and enable users to perform income tax calculations by simply entering the appropriate monthly remuneration amount and specifying the appropriate rebates and medical aid deduction amounts. D and E (the cells with the light blue cell background) in order to update the tax bracket formulas. Then copy the formulas from one of the existing cells in columns A. The other cells in the tax bracket cell range will be updated automatically and the income tax calculation from row 19 to 21 will automatically be calculated from the values that you've entered. The template includes two sheets: TaxCalc . The annual remuneration.com This template enables users to perform income tax calculations based on multiple tax brackets (also referred to as a sliding income scale). your tax bracket setup will be adjusted and will now consists of more than six tax brackets. annual & monthly net remuneration and the effective income tax percentage are all calculated based on the amount that is specified in this cell. These deductions are deducted from the monthly & annual income tax amounts because the medical aid deductions should be deducted for pay-as-you-earn (PAYE) purposes. In order to calculate the correct monthly & annual medical aid deductions. Users also need to specify the total rebates amount in cell B11. If the six default tax brackets are sufficient for your income tax calculations. The income tax calculations are also automatically updated. net income tax. All the cells with a light blue cell background contain formulas and the cells with a light yellow cell background require user input.

This template has been designed with flexibility in mind to ensure that it can be used in most business environments.com and is protected by international copyright laws. In terms of the permitted use of this template. The medical aid deductions are calculated based on On Onthis this sheet: sheet: the number of dependents which is specified in column F and the medical aid deduction rates that are specified on the This This sheet sheet includes includes detailed detailed TaxCalc sheet. please e-mail us at support@excel-skills. Any publication or distribution of this template outside the scope of the permitted use of the template is expressly prohibited. © Copyright This template remains the intellectual property of www.Excel Skills | Income Tax Calculation Template Instructions www. instructions instructions on on setting setting up up and and using using this this template. the cumulative income tax amount and monthly income tax amount are calculated based on the monthly remuneration amounts that are entered in column B. If however you need an Excel based template that is customized specifically for your business requirements. Page 4 of 6 . Subsequent distribution of the template by parties outside of the organisation is however expressly prohibited and represents an infringement of international copyright laws. only the distribution of the template to persons within the same organisation as the registered user or persons outside the organisation who can reasonably be expected to require access to the template as a direct result of the use of the template by the registered user is allowed. Help & Customization If you experience any difficulty while using this template and you are not able to find the appropriate guidance in these instructions.excel-skills. template.com for assistance.excel-skills. please e-mail our Support function and provide a brief explanation of your requirements.com An annual gross pay equivalent. The calculations on this sheet are especially useful if the monthly remuneration is variable and enables the user to calculate the monthly income tax that needs to be deducted under these circumstances.

enter enter Medical Aid: the the number number ofof medical medical aid aid dependents.000 9.823 20.200 to 550.0% 149. amount.619 27. dependents.257 On Onthis thissheet: sheet: Define Define the the appropriate appropriate tax tax brackets.083 8.com Income Tax Brackets Tax Bracket Value Tax Rate Equivalent Value Effective Rate From 0 to 181.0% From 181.135 23.900 to 284. brackets. enter enter the the total total rebates rebates amount.0% 208.300 39.9% From 284.2% From 550. specify specify thethe appropriate appropriate medical medical aid aid Number of Dependents 5 deduction deduction rates rates and and then then simply simply specify specify the the appropriate appropriate gross gross monthly monthly Medical Aid Tax Credits: remuneration remuneration in in order order to to calculate calculate the the annual annual andand monthly monthly income income tax tax Tax payer & first dependent 270 amounts.0% 59.870 20.4% .900 181.126 -12.0% 93.100 36.300 701.7% From 393.200 393.4% Monthly Remuneration 40.200 31.100 26.178 31.261 -1.Income Tax Calculator © www.0% Total Rebates 13.100 to 701.100 284.742 18.7% From 701.314 20.130 381.300 and above 41. amounts.100 to 393.100 550. Additional dependents 181 Gross Remuneration Income Tax Medical Aid Net Income Tax Net Remuneration Income Tax % Annual Remuneration 480.excel-skills.587 29.900 18.000 111.0% 32.996 98.

358.657.000 480.50 August-2015 65.056 16.00 19.103 9.650.083.000 35.00 8.000 560.503 9.000 111.143 81.733.Monthly Income Tax Calculation © www.260.50 4 -902.002.242 9.260.358.261 9.25 January-2016 40.00 8.083.excel-skills.521 9.284.000 72. The The calculations calculations on on this this sheet sheet accommodate variable monthly remuneration accommodate variable monthly remuneration amounts.000 580.002.000 18.com Start Date 3/1/2015 Medical Aid Monthly Cumulative Income Monthly Income Number of Medical Aid Net Monthly Month Annual Equivalent Remuneration Tax Tax Dependents Deduction Income Tax March-2015 40.000 44.000 570.002.085.000 561.25 5 -1.50 4 -902.25 5 -1.000 53.083.000 480.50 4 -902.260.083.085.186.25 4 -902.000 148.818 129.752. .000 570.25 December-2015 40.25 5 -1.25 On Onthis thissheet: sheet: Enter Enter the the appropriate appropriate gross gross monthly monthly remuneration remuneration amounts amounts and and the the number number of of medical medical aid aid dependents dependents in in order order to to calculate calculate the the month month income income tax tax amounts.083.000 120.00 8. amounts.358.000 547.559. amounts.085.000 528.25 February-2016 65.00 8.054.000 580. TheThe start start date date can can bebe edited edited to to adjust adjust the the monthly monthly periods.25 5 -1.25 November-2015 70.25 October-2015 40.147 9.25 5 -1.00 15.632.137.023 18.75 4 -902.00 4 -902.062 18. periods.75 June-2015 40.500 90.000 9.00 17.284 9.000 557.000 540.00 September-2015 40.083.25 5 -1.25 July-2015 40.835.00 8.00 8.00 8.50 April-2015 40.00 17.188 9.534.00 8.017 20.50 May-2015 60.