My salary is £20,000 per year. What will be my monthly take home pay after tax & N.I. contributions. What % gets taken off?
2006-11-21 07:54:50 · 12 answers · asked by g man 2 in Business & Finance ➔ Taxes ➔ United Kingdom
i am a married man. My tax code is 503L
2006-11-21 08:02:47 · update #1
£1,276.71 a month roughly 23.5% stoppages
http://www.listentotaxman.com/index.php?calc=1&year=2006&age=0&add=0&taxcode=&period=1&ingr=20000&Submit=Calculate
2006-11-21 08:03:24 · answer #1 · answered by ? 6 · 0⤊ 0⤋
If you take off 33% to cover tax and NI that should give you a very near figure to actual take home pay, after dividing by 12 but I'm sure you figured out that bit LOL approx £1283 per month
your tax code means you can earn £5030 before you have to pay tax so at the end of the year if you had earned less than this you would be eligible for a rebate you will pay tax on everything above this amount and it's taken into account if you use the 33% figure
2006-11-21 08:06:31 · answer #2 · answered by Rod T 3 · 0⤊ 0⤋
Current Tax Rates are:
Starting rate 10% up to £2,150
Basic rate 22% from £2,151 to £33,300
Higher rate 40% over £33,300
National Insurance at 11% above £685 per month.
Roughly worked out I get: £1478.3
Anyone closer than that? Not an accountant, just got time on my hands!
2006-11-21 08:15:30 · answer #3 · answered by karnautrahl 2 · 0⤊ 0⤋
The salary/remuneration for a particular job is the market value for a particular profession and designation at the city/town where the office is located. Job postings at websites like Monster, Yahoo HotJobs and Careerbuilder carry information about salaries. The Govt Dept of Labor, (www.bls.gov) Bureau of statistics has information about median salaries for different professions and details of additional compensation offered. Other online resources are salary.com and payscale. Your salary will also depend on your educational qualification and how you handle your career. More details and links to relevant websites available at http://tinyurl.com/rndxq
2006-11-21 17:15:42 · answer #4 · answered by Anonymous · 0⤊ 0⤋
If your tax code is 503 you are allowed to earn £5,035 per year tax free, so each month divide that by 12 and that is what you can earn that month before paying tax on it, also, whatever your gross is, you have to take off 12.8% for your N.I contribution.
You will need to contact the IR tho for the actual percentage of tax you will pay on £20k as the increments change at certain thresholds and I don't know what they are.......sorry!
2006-11-21 08:13:47 · answer #5 · answered by jennijan 4 · 0⤊ 0⤋
Im on 1997 pound per year and take home 1685 pound a month
2006-11-21 07:59:11 · answer #6 · answered by WhaHoooo 1 · 0⤊ 0⤋
1340£
2014-11-06 15:48:16 · answer #7 · answered by ? 1 · 0⤊ 0⤋
You end up with about £1k/month. Off-takes are about 30 - 32%
I think.
2006-11-21 08:00:16 · answer #8 · answered by migdalski 7 · 0⤊ 0⤋
take off 25% and divide by 12, thats what you'll be taking home, give or take a penny
2006-11-21 08:04:16 · answer #9 · answered by Anonymous · 1⤊ 0⤋
about 23% off to get take home pay
2006-11-21 08:14:04 · answer #10 · answered by benjinissan 1 · 0⤊ 0⤋