I am a full time employee, but I recently earned extra income by doing freelance work. The income earned from my freelance work was not taxed before I received payment.
How do I calculate the correct amount to keep aside for tax from the freelance income? I understand its something to do with adding my full time taxable salary with the income from freelance work, but there is potential that I may fall into a new tax bracket, is there a formula that I can apply to derive the correct tax amount?
Please make use of our SARS income tax calculator to calculate how much tax you should be paying per period based on your total income. Then subtract your PAYE and the difference is what you should keep aside.
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