Earning The Adult Minimum Wage of $23.15 per hour in New Zealand comes to $48,152.00 per year before tax. Your net take home pay will be $39,949.67 per year. This is equivalent to $3,329.14 per month, or $768.26 per week.
Your average tax rate will be 17.03%. Your marginal tax rate will be 21.64% which is in the 4th tax bracket. 1.6% ACC will also be deducted.
These amounts will differ if you belong to Kiwisaver or have a Student Loan.
On The Adult Minimum Wage annual salary you will pay $7,465.60 PAYE tax and $770.43 ACC.
| Tax Bracket | Attributable Income | Tax Component | Residual |
|---|---|---|---|
| 10.50% | $14,000.00 | $1,470.00 | $12,530.00 |
| 12.82% | $1,600.00 | $205.12 | $1,394.88 |
| 17.50% | $32,400.00 | $5,670.00 | $26,730.00 |
| 21.64% | $152.00 | $32.89 | $119.11 |
| 30.00% | $0.00 | $0.00 | $0.00 |
| 30.99% | $0.00 | $0.00 | $0.00 |
| 33.00% | $0.00 | $0.00 | $0.00 |
| 39.00% | $0.00 | $0.00 | $0.00 |
| Total | $48,152.00 | $7,378.01 | $40,773.99 |
After paying tax and ACC, the amount of income from a $48,152.00 annual salary is:
Giving an effective tax rate of 16.92%
(15.32% + 1.6% ACC)
These rates are valid for income earned from 2023-04-01. Calculations presented on this page are provided for informational purposes only and do not constitute financial advice. Please check with your accountant or IRD to clarify your exact tax position.
The Adult Minimum Wage used in these calculations is an estimate based on public data available as of 1 April 2024.