What is the tax rate on an ETP?
What is the tax rate on an ETP?
The concessional tax rate is 17% if you reach your preservation age and 32% if you haven’t, up to the relevant cap. Amounts above the caps are taxed at 47% – see Table A: Withholding rates for ETPs.
What are the withholding rates for each component of the ETP?
Table A: Withholding rates for ETPs
| Age of person at the end of the income year that the payment is received | Component subject to PAYG withholding | Rate of withholding |
|---|---|---|
| All ages | Amount above the ETP cap amount | 47% |
| Under preservation age | Up to the relevant cap amount | 32% |
| Preservation age or over | Up to the relevant cap amount | 17% |
What is the ETP cap for 2021?
$225,000
ETP cap for death benefit termination payments
| Income year | Amount of cap |
|---|---|
| 2021–22 | $225,000 |
| 2020–21 | $215,000 |
| 2019–20 | $210,000 |
| 2018–19 | $205,000 |
What is the tax free threshold for sapto?
The SAPTO is only available to those with single incomes below $50,119 or couples with combined incomes below $83,580. Couples separated due to illness have a combined income limit of $95,198.
What is the federal income tax rate for 2016?
For example, in the 2016 tax year, single individuals pay 39.6% only on income above $415,050 (above $466,950 for married filing jointly); the lower tax rates are levied at the income brackets below that amount, as shown in the table below.
When does the 2017 tax year start and end?
The 2017 financial year starts on 1 July 2016 and ends on 30 June 2017. The financial year for tax purposes for individuals starts on 1st July and ends on 30 June of the following year.
What’s the new Social Security tax rate for 2017?
15, such as legislation enacted after it was published, go to IRS.gov/pub15. What’s New Social security and Medicare tax for 2017. The social security tax rate is 6.2% each for the employee and em- ployer, unchanged from 2016. The social security wage base limit is $127,200. Dec 19, 2016
Which is the highest tax bracket for 2016?
But those in the highest tax bracket don’t pay the highest rate on all their income. For example, in the 2016 tax year, single individuals pay 39.6% only on income above $415,050 (above $466,950 for married filing jointly); the lower tax rates are levied at the income brackets below that amount, as shown in the table below.