[clug] [OT] Contracting hourly rate calculation

[Conrad Canterford]

On Thu, 2007-08-23 at 08:29 +1000, Dale Shaw wrote:
> Here's a worked example:
> medicare levy = $gross salary PA * 0.015% = $622.28

> There are probably a couple of (hopefully minor) flaws in the formula
> but I found it to be pretty accurate. I'd appreciate feedback from
> anyone who spots a flaw.

Dale,
A nit-picky "flaw", but it might confuse someone...
medicare levy = $gross salary PA * 1.5% = $622.28
or
medicare levy = $gross salary PA * 0.015 = $622.28

I'm no tax expert, but I believe your training should (as you say) come
out after tax. On my limited tax knowledge I thought the rest of the
calculations looked 'about right' but I didn't check your figures.

Conrad.