lauracau
3 years agoContributing User
Medicare levy surcharge 1% - additional withholding
I have a new employee who has elected for an additional 1% tax withholding to cover any Medicare levy surcharge for this financial year. I don't see an option to do this in AccountRight. I know there's a field for Extra Tax as a $ value, but not extra tax as a %.
Please advise what I should do. Thanks!
I have attached a screenshot of the employee's Tax withholding and medicare levy variation selections.
Hi lauracau
I think you are now on the right track. Calculate the % of income, and then divide by number of pay periods and use the result in the extra tax field.