Answer: The most likely reason for the smaller refund, despite the higher salary is that you are now in a higher tax bracket. And you likely didn't adjust your withholdings for the applicable tax year.
The more you earn, the higher your rate of tax is and the more tax you pay. So if your income goes up from one year to the next it might push you into a higher tax bracket which could drop your refund.
Over 14 million people lodge a tax return each year in Australia and of those who receive a refund (about two-thirds) on average they receive just over $2,800 each, resulting in a collective refund of more than $30 billion.
Check your federal tax refund status
Use the IRS Where's My Refund tool or the IRS2Go mobile app to check your refund online. This is the fastest and easiest way to track your refund. The systems are updated once every 24 hours.
To check the status of your Illinois state refund online, go to https://mytax.illinois.gov/?Link=IITRfnInq. You may check your refund status by phone: 1-800-732-8866. Once a return is received by IDOR, many different factors can affect the timing of a refund. You could receive your return sooner if you eFiled.
At tax time, it is quite likely that they have not paid a sufficient amount of tax throughout the year; as a result, they may receive a tax return that is much less than they anticipated, and in certain circumstances, they may even owe money to the ATO.
If you make $60,000 a year living in Australia, you will be taxed $11,167. That means that your net pay will be $48,833 per year, or $4,069 per month. Your average tax rate is 18.6% and your marginal tax rate is 34.5%. This marginal tax rate means that your immediate additional income will be taxed at this rate.
If you make $35,000 a year living in Australia, you will be taxed $3,892. That means that your net pay will be $31,108 per year, or $2,592 per month.
The short answer is NO. For the less short answer keep reading… There are rumours going around within the international student community that you will get all your tax back in your first year.
Australia has a progressive tax system, which means that the higher your income, the more tax you pay. Generally, you can earn up to $18,200 in a financial year and not pay tax from your income. This is known as the tax-free threshold and after which, the tax rates kick in.
If you make $70,000 a year living in Australia, you will be taxed $14,617. That means that your net pay will be $55,383 per year, or $4,615 per month. Your average tax rate is 20.9% and your marginal tax rate is 34.5%.
If you make $84,000 a year living in Australia, you will be taxed $19,447. That means that your net pay will be $64,553 per year, or $5,379 per month.
Location – With some parts of Australia (namely: the big cities) having significantly higher costs of living than suburban or remote areas, your location is likely the biggest factor in this discussion. Experience – For someone starting out in their career, $60k is a reasonable pay.
The average yearly salary in Australia is 90,800 AUD (USD 60,355). Let's go through a few key indicators of the average earnings in Australia so you can fully understand salary statistics and trends in the country.
If you make $56,000 a year living in Australia, you will be taxed $9,787. That means that your net pay will be $46,213 per year, or $3,851 per month.
If you make $80,000 a year living in Australia, you will be taxed $18,067. That means that your net pay will be $61,933 per year, or $5,161 per month.
Lower tax refunds can be a good thing
But a big refund means you are giving the IRS more money during the year than you have to.
Yes, but only if you owe a debt to them or another Commonwealth agency e.g. Child Support or Family Assistance. They will use the tax refund to go towards what you owe. The ATO can withhold your tax refunds even if you list these debts in your bankruptcy.
The IRS issues more than 9 out of 10 refunds in less than 21 days. However, it's possible your tax return may require additional review and take longer.
It can take up to two business days from the time the refund is released to be deposited into your account. If you requested a refund via paper check, your refund will be mailed to you. It can take up to 10 business days from the time the refund is released for you to receive your refund in the mail.
More information regarding your Pennsylvania refund can be found at : https://revenue-pa.custhelp.com/app/home. By calling Pennsylvania automated toll-free Information Line 1-888-PA-TAXES(728-2937)