Money Smart Income Calculator
Money Smart Income Calculator
Calculate your smart income based on different income sources and tax deductions.
Not calculated yet.
Total Income: ${formatCurrency(totalIncome)}
Other Income: ${formatCurrency(otherIncome)}
Tax Rate: ${(taxRate*100).toFixed(1)}%
`; incomeSteps += `Formulas:
Income After Tax = (Total Income + Other Income) × (1 – Tax Rate)
`; incomeSteps += `Results:
Income After Tax: ${formatCurrency(incomeAfterTax)}
`; if(document.getElementById(“calculationStepsIncome”).style.display===”block”){ document.getElementById(“calculationStepsIncome”).innerHTML = incomeSteps; } } function resetIncome(){ document.querySelectorAll(“#calculator input”).forEach(el=>el.value=””); incomeSteps=””; document.getElementById(“calculationStepsIncome”).innerHTML=”
Not calculated yet.
“; } function toggleIncomeSteps(){ const s=document.getElementById(“calculationStepsIncome”); const a=document.getElementById(“toggleArrowIncome”); if(s.style.display===”none”||s.style.display===””){ s.style.display=”block”;a.style.transform=”rotate(180deg)”; s.innerHTML=incomeSteps||”Not calculated yet.
“; }else{s.style.display=”none”;a.style.transform=”rotate(0deg)”;} } function formatCurrency(n){return currencySymbol+n.toFixed(2)+” “+fixedCurrency;}This Money Smart Income Calculator helps you calculate your income after tax based on total income and other income sources.
Income Calculation Formula
Income After Tax = (Total Income + Other Income) × (1 – Tax Rate)
Example Calculation
Total income of $50,000 and other income of $2,000 with a tax rate of 15% → Income After Tax = $50,000 + $2,000 × (1 – 0.15) = $44,200
Why It Matters
Knowing your income after tax helps you manage your finances, budgeting, and savings better.
Smart Strategy
Make sure to factor in all income sources and tax deductions to get an accurate picture of your net income.
FAQs
How can I lower my taxes? Look into deductions and tax-saving investments to reduce taxable income.
What other incomes should I include? Include all income such as bonuses, freelance work, or side hustles.
