How do I go about working this out
2007-01-30 07:20:51 · 3 answers · asked by sirdon1999 1 in Business & Finance ➔ Taxes ➔ United Kingdom
Assuming her tax code is 453
Gross: £2,175.00
Tax: £373.86
NI: £193.01
Deductions: £566.87
Net Income: £1,608.13
2007-01-30 07:36:57 · answer #1 · answered by Happy Hobbit 2 · 0⤊ 1⤋
Hiya - Here's how to do it.
Take £2175 and multiply by 12 to get annual income =£26100
Take off her annual tax allowance = £26100 minus £4535
Leaving her with £21565 net after her allowances.
What you now need to do is find out the tax percentage bandings for each level of income up to that amount.
I think you will find overall it is broadly about 23% in total (but if you need actual precision check this out on the tax website)
So £21565 minus 23% (broadly) equals £4959 annual tax after her allowance.
Divide that by 12 (amount of months in a year) and the tax bill per month would be £413.32
Hope this helped
2007-01-30 07:38:55 · answer #2 · answered by Wantstohelpu 3 · 1⤊ 0⤋
Her taxable income each month is 1797 pounds.
So it would be 22% of 1797 which is
395 pounds per month.
2175 * 12 = 26100
26100 - 4535 = 21565
21565/12 = 1797
1797/100 = 179.7
179.7 * 22 = 395.34
I am working off UK lower tax rate here.
2007-01-30 07:33:02 · answer #3 · answered by cigaro19 5 · 0⤊ 0⤋