Net worth and taxes
What you own minus what you owe, and an estimate of your income tax.
- Your net worthNet worth is your balance today, plus savings, investments and money owed to you, minus money you owe.
- Your tax estimateTaxes estimates your income tax for the year, band by band, under your country's rules.
- Is my pay before tax or after tax?Backdur asks once. After tax means your employer takes tax first. Before tax is common for freelancers.
- What brings your tax downRent relief, pension, NHF, insurance premiums, and work expenses for income that arrives before tax.
- Does saving or investing reduce my tax?No. Income tax is on what you earn, wherever it goes. Pension, NHF and life insurance are the exceptions.
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