On Thursday I'll be going for an interview for a company that will pay me a $55,000pa salary. I've run the numbers for the
worst case scenario involving my taxation status, and I'm assuming I'll continue to have food expenses covered for the time being. My math numbers below are rounded up in some places.
Salary = $55,000
Yearly Tax = $13,366.36 (Includes Income Tax ($3,572 plus 32.5c for each $1 over $37,000), Medicare Levy (2%) and FEE-HELP repayment (4%)).
Weekly Costs (This money gets saved in the bank until Financial Year end):
$260: Weekly savings for tax
$150: Rent cost
$5: Monthly bank surcharge (going to save it weekly as a security)
This leaves me with roughly
$650 free money to play with each week. In the first few weeks, here's some of the stuff I want:
- Monthly Phone Credit ($20, not really a massive issue since I never really need to call/text anybody but it's handy for emergencies)
- Repay $3000 loan for PC, and then buy a brand new gaming PC
- PS4
- Xbox One + Master Chief Collection
- Vive -or- Oculus
- LEGO Ferrari F40
- Jurassic Park: Operation Genesis (CDs go for roughly $300)
- Singularity Steam Key (not available through Australian Steam Store, need to go to a Key-Reseller)
- Mass Effect DLC (Roughly $200 worth left to purchase)
I should probably be saving some extra cash for the future, such as moving to a new place (which would mean higher rent and food costs) or starting a business, but I'm young and I'm full of bad choices. At least I won't get forgeted by the tax-man.
EDIT: Should mention, I probably will pay much less tax this year because I won't have started working the full 52 weeks, meaning my actual income in that taxable period will be under the threshold for replaying the FEE-HELP loan and I'll owe less income tax. Then again, I could get a promotion which would increase tax.
