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Secondary Tax

Most people seem to think that having a second job will mean they pay 60% tax (or something similar). 

We don't know where this myth came from but the tax you pay on your secondary income (second job) is the same rate as the tax bracket you are in. 

Lets say you earn $55,000 at one job and $10,000 in your second job. Your tax rate for the $10,000 will be 30% (SH) as per the below - just like the $7,000 over $48,000 ($55,000 - $7,000). 

Secondary income is taxed at a flat rate throughout the year.

Tax code Income tax rate
SB under $14,000 10.5%
S between $14,001 and $48,000 17.5%
SH between $48,001 and $70,000 30%
ST between $70,001 and $113,768 33%

As always, get in touch with us at info@schoolrebates.co.nz if you need more information.