Gone are the days when you are offered a salary package and you go home trying to figure out how much money will be left in your wallet.

The calculator will instantly show you how much money has to go towards taxes

With an easy-to-use mobile application, you can now whip out your smartphone, type in the figures you are given, and in a matter of seconds you will know exactly how much tax you have to pay and how much you can save up for the holidays.

“I got the idea for this after a job interview: I came out wishing there was a simple calculator, which would work out how much tax I’d have to pay and how much I would be earning per hour,” said David Bonnici, 28, a web developer.

He got together with his web designer friend Mario Borg, 32, and they soon came up with the Malta Tax Calculator, an easy-to-use application for Maltese and expat employees.

“You just enter your gross annual income and your marital status, and the Malta Tax Calculator will instantly show you how much money has to go towards taxes and how much you’ll have in your pocket,” said Mr Borg.

The app, which conforms to the 2012 Inland Revenue Tax Bands, also gives the user a detailed summary of what they earn on a monthly, weekly and hourly basis.

It will be updated with the change in tax bands every year.

Launched on Monday, the app is turning out to be very popular with the expatriates in Malta, particularly the British and Swedish.

It is on sale 79 cents in the App Store and available for iPhones and iPads – all profits made will go to the Puttinu Cares Foundation.

“We decided to pass on all application profits, as it is not something we invented ourselves. It exists in a different format on the government’s Inland Revenue Department website.

“But the app is much more user friendly and straightforward,” said Mr Borg.

More information on www.maltataxcalculator.com.