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I worked for 6 months only and am 90 yrs of age how do they calculate the"equivalent rate?

Posted 26 June 2013 under Tax Q&A

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for income tax purposes how is an equivalent rate calculated if a person only works for6 months of the tax year

This entry was posted in Tax Q&A and tagged Salary / IRP5, Deductions, Audit / Verification. Bookmark the permalink.

TaxTim says:
26 June 2013 at 21:12

Each month your PAYE is calculated as if that month's income was earned each month for a full year. The total tax owing is then divided by 12. So if you only worked half a year you will be entitled to a refund when you submit your tax return.

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Demmis says:
26 June 2013 at 21:14

Thanks Tim very kind of you.
regards

TaxTim says:
26 June 2013 at 21:25

Only a pleasure!