Tax Rebates & Refunds

Comparing your pay slip with an calculated tax figure (Part 2)

August 3, 2012
Posted in Tax Rebates — Written by Chris

The previous article began looking at what it takes to measure whether you are paying the right amount of tax. It introduced the idea of comparing an ideal figure with the numbers derived from your pay slip to make sure there are no errors or discrepancies between the two that could point to a problem with your tax code or another issue.

This article looks at arriving at the ideal figure that you are using as a comparison against your pay slip. The internet actually makes it really easy to find the right figure of tax you ought to be paying for the amount of money you earn. Tax claims agencies usually include a calculator in their free services to give you a conclusive figure concerning the tax you owe each month using an updated formula corresponding to each year and your salary.

With the result of this calculation taken alongside the figure derived from your pay slip you will be able to work out whether you are overpaying, underpaying or getting it just right. If you are overpaying you have grounds for a tax rebate. If you are underpaying, you should expect to have the shortfall requested at some point.

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