Description

Salary Tax Calculator Excel Template

The Oak Business Consultant presents Salary Tax Calculator Excel Template, which is best fitted for you if you are looking for a salary tax calculator and are an individual/AOP in Pakistan. Furthermore, the best thing about the model is that you don’t have to create any formula; you need to enter your related inputs, and the model will update the calculations automatically. 

The Salary or Payroll Tax, whichever term you use, is deducted at source before the salary is disbursed to employees. Therefore, if you receive your wages, the Salary Tax deductions have already been applied. This means that an individual does not need to pay these taxes directly to the government, rather the company where they are employed is responsible for the payment to the government. However, it is essential to know the total annual Tax you are paying, through your employer, to account for your total personal income more accurately. Thus, our expert team has prepared this easy-to-use, dynamic and efficient ‘Salary Tax Calculator Excel Template’ for such individuals and companies.

The template is prepared considering the user’s requirement of a solution that is simple to understand and quick to implement. Further, this Individual Salary Tax Calculator comes with two tabs:

Welcome! Page

The ‘Welcome!’ Page is intended to provide users with basic information about the model and further relevant services to help them with tax filing. Thus, it will help to understand the salary tax calculator before using it. 

The one instruction that a user needs to remember is to enter the relevant data in peach cells. This helps the user quickly identify the areas which require their input. The rest of the cells are calculated automatically through linked formulas. It changes with changing input. Furthermore, the color coding is maintained strictly and is standard for all our products. 

Salary Details

The Salary Details Tab has 4 main sections:

1. Results Summary
2. Tax Slabs/Tax Brackets
3. Salary Input Details
4. Monthly Salary Deduction Calculator

Step 1: Salary Input Details

You have to enter the data in peach-filled columns to get accurate results, and this input table is kept simple and flexible to accommodate Salary revision in the Tax Year 2022-2023. Furthermore, the user must enter the Salary amount they are entitled to receive each month in the ‘Monthly Taxable Salary’ column. 

In the ‘No. of Months Received’ column, as the name suggests, the user will enter the number of months they have received their salaries. If you did not have any salary revision and were employed throughout the year, the input will be 12. If employment months were less, add the exact number of months you were employed.

In case of revision, enter the salary before modification in the first row, followed by the months this salary was received in the adjacent column.

Next, add the 2nd row, where ‘No. Of Revisions’ is 1, add the revised salary with the number of months in adjacent columns. The final output will be based precisely on the input you entered in the table, incorporating the salary revision.

Step 2: Monthly Tax Deductions Calculator

Once inputs are entered, you will see the Monthly Salary Tax Deductions for 2022-23 calculated in “Monthly Tax Deductions Calculations”. The table shows the annual sum calculated for the salary entered in the input table and the respective Fixed Tax and Tax on Excess calculations in the columns to the right. In addition, the rightmost column will give you the “Monthly Tax Deduction” for the specific salary amount. 

If the revised salary is added to the input table, you will see the Monthly Tax Deductions for both salary amounts. This table provides a quick overview of the monthly tax deductions for the Year 2022-23. 

Step 3: Salary Tax Rate Card 2022-2023 in Pakistan

The Salary Tax Slabs for the years 2022-2023 can be reviewed in the same tab. 

This calculator shows each essential and significant information in a well-manner and understandable way. 

Step 4: Annual Salary Tax Deductions Summary

In addition, this section also shows the Tax Slab applicable based on the salary inputs. Moreover, the total Annual Taxable Salary, Total Salary Months and the Annual Tax deductions are all presented in this section.

Benefits of the Salary Tax Deduction Calculator for the Year 2022-23

• Easy to use and understandable. 
• Knowledge of Tax laws is not required to use it.
• Knowledge of Excel is not required for it’s use.
  • Someone using Excel for the first time can easily navigate the salary tax calculator.
  • The excel sheet has locked cells, so the user can only move around the input cells. This prevents any changes in the formulas accidentally.
• Furthermore, the user must not find the Salary Tax Slabs separately to review the results. Instead, the Salary Tax Brackets/Slabs table is beside the results section.
• Moreover, it saves time as it takes hardly a few minutes to enter the input and get the desired results immediately.

Why you Should Buy this Salary Tax Deduction Calculator tool

1. Save Time — This allows you to spend less time preparing sheets and more time on personal development and control.
2. Tested — This Salary Tax Deduction Calculator tool is custom-made and has been used by various individuals with positive feedback.