Term 2 Week 4 (24-30 May) Earnings & tax

Student notes How much people earn - Sabrina, Sarayu, Muskan

Prompts: starting & maximum incomes of different jobs, things that affect income received (e.g. graphs of median income by age, highest qualification, type of occupation), qualifications & time needed to get jobs.

How much do these jobs earn?

Physician - A trainee earns about $72,000 per year, Experienced physicians earn from $155,000 to $219,000 per year, and physicians working in private sectors earn up to $600,000.                                             

Teachers - A primary school teacher earns about $50,000 per year (with 6 years experience earn $80,000 per year. 3-4 years of training are required to be a teacher.

Vet -  with three years of experience earn up to $83,000 per year (with five years of experience up to $95,000 per year. 5 years of training are required to be a veterinarian. 

Nurse - Graduate nurses earn about $54,000 per year. Senior nurses earn about $79,000 to $130,000 per year. 3 years of training are required.

Pilot - earn about $50,000 and $150,000 per year. 2-3 years of training is required.

Judge - earn about $334,000 to $490,000 per year. Judges may also receive an allowance of $4,000 and $6,000. 11 years of training are required to be a judge.

median weekly earnings forms wages(2009-15)

Highest paying jobs in nz  low   mid   high
ceo/managing director-120k   195k   4.5k      
Surgeon-                         151k    212k    600k                   
Judge-                           334k    413k   490k                    
Chief Financial Officer-180k 250k 350k       
Strategy Manager-       200k 230k 350k                    
country sales manager-190k 250k 300k             
IT General Manager-      185k 250k 300k

Student notes Tax - Mayday, Sanai, Sofee, CLAIRE, Probably (Maidah, Syna, Sophie, Chentian, Parab)

Prompts: Why pay tax and who pays it, different types of tax, how much do we pay in tax, do multinational companies pay a fair amount of tax?, what do IRD, PAYE, GST, net and gross income mean?

What is Tax - Tax is a fee that is paid towards the government by people

Why pay for it? - Taxes are crucial because the government collects the funds and utilizes them for financial projects to fund public services (e.g. school, hospitals, teachers, doctors, roads, army). 

How much tax do we pay: 
As of 2021 the nz tax rate is 10.5% up to a certain income amount. Higher rates are paid on higher amounts of income.

7 types of taxes are income tax, sale tax, excise tax, inheritance tax, property tax, payroll tax, and gift tax.

Income tax is money that the government takes out of your earnings. The government use it to fund public services, and pay government obligations to provide goods for citizens. 

Excise taxes are imposed on various goods, services, and activities. Such taxes may be imposed on the manufacturer, retailer, or consumer, depending on the specific tax.

Unlike estate tax, which is levied on the value and comes out of the decedent's estate, an inheritance tax is paid by a person who inherits money or property of a person.

Property tax is paid on property owned. It is calculated by a local government where the property is located and paid by the owner of the property.

Gift tax is for giving anything of value to another person. For something to be considered a gift, the receiving party pays an amount less than its full value.

Places that don’t pay income taxes are: UAE, Bahamas, Monaco, St Kitts and Nevis, The Cayman Islands