The numbers in your tax deduction card
Each year in December, you get a new tax deduction card showing the income, expenses, wealth and debt that we think you’ll have in the coming year, as well as what your deducted tax will be.
We get these numbers from several sources.
Income
When we calculate your income for the 2024 tax deduction card, we use the salary information from your employer for October 2023 and multiply that number by 12. In some cases, we use information from the last 12 months from November 2022 to October 2023 (see example below). We also adjust your salary by the predicted salary increase.
For 2024, the predicted salary increase is 4.9 percent. We use the option that results in the highest income.
|
Fixed salary |
NOK 40,000 x 12 = |
NOK 480,000 |
|
Overtime |
|
NOK 7,000 |
|
Total |
|
NOK 487,000 |
|
|
|
|
|
Electronic communications |
NOK 366 x 12 = |
NOK 4,392* |
|
Taxable insurance |
NOK 100 x 12 = |
NOK 1,200* |
|
Total |
|
NOK 5,592 |
(*These are continued without the upwards adjustment of 4.9%)
Calculated annual salary for 2024:
((NOK 487,000 x 1.049) + NOK 5,592)) = NOK 516,455 (rounded up to NOK 516,000).
You can see what your employer or other payers has reported for you.
Interest
The increase in interest income and interest expenses will mainly apply to you if you have money in the bank and/or loans and debts. The numbers are taken from the basis for interest expenses/deductions and interest income from your 2022 tax return.
In 2022, interest rates were very low. Interest rates have significantly increased in 2023, and they’ll most likely stay high in 2024. For some, this will mean a big change in the numbers we have entered into your 2024 tax deduction card.
Check that the numbers correspond with your own calculations. You must change your tax deduction card if the numbers are incorrect.
In 2022, you had NOK 100,000 in the bank and received an average of 0.6 percent interest. This meant that your interest income was NOK 600. To allow for the increase in interest rates, your 2024 tax deduction card will show that we’ve assumed your interest income will be NOK 2,598.
In 2022, you had a bank loan of NOK 3 million, and the interest you paid was 2.6 percent. This amounts to interest expenses of NOK 78,000 for the year. To account for the increased interest, the 2024 tax deduction card will show that we’ve assumed your interest expenses will be NOK 163,020 in 2024.
You must check
The numbers and the information
You’re responsible for checking that the tax deduction is correct. It’s especially important that you check your numbers if there has been any changes in your family situation, place of residence or work.
Are the numbers and the information incorrect?
If the information about your income, deductions, wealth or loan and debt for the coming year are not correct, you can change your tax deduction card yourself. We’ll produce a new tax deduction card that employers will retrieve.
Is your tax deduction card used correctly?
A table-based card should never be used by two employers/payers at the same time. This will result in underpaid tax. Only your main employer (the employer you receive the highest income from) should use a table-based card. You must let your other employers know if they are using a table-based card. If you change your tax deduction card after February, you’ll receive a percentage card.
If you’ve been deducted too much tax, you’ll get your money back when the tax assessment is ready. If you’ve been deducted too little tax, you must pay the underpaid tax.