how much national insurance do i have to pay?

Question

how much national insurance do i have to pay i paid 12% of may wages is this right?? i get paid weekly and paid 12% i have been told this is to much i earned 414.00 and paid 49 pounds national in surance does this sound right?

Answer 1

based on earnings of £414 per week and are not married or in a pension scheme them your NIC is as follows:

up to £84, NIc FREE
£84 - 97, NIC 0%
£97.01 - 645, 11% on earning threshold

therefore NIC on £414 when calculated manually is
£97 = £0
£317 (414-97) = £34.87

your employers on the otherhand will pay 12.8% on £317 which is £40.57 manually and £40.64 on the table method

however because most companies use the cd software/tables to work NIC and PAYE its likely to be slightly different. if you check the link below you'll see its charged at £34.92 using the tables sent by HMRC/Inland Revenue

on page 3 of the link it will also show you what tables to use if your circumstances vary slightly. (married or on pension scheme)

hope this helps

Answer 2

Depends on how much you earn.

It will change every tax year but for 2006/2007 tax year it was as follows:

First £97 earned weekly is free.

Next £548 is at 11%. If you are contracted out an occupational employment scheme then you will only pay 9.4%

Anything above £645 a week will be charged 1%

Your employer will also contribute towards national insurance, currently 12.8% for everything over £548 per week.

Answer 3

to maintain your pension rights you are going to be paying classification 3 contributions in the time of a few time in a foreign country. it is at the instant £8.10 a week, replaced into £7.10 a week over the previous tax 365 days. i don't be attentive to if there is any provision to pay retrospectively. you could could ask the nationwide coverage place of work at Newcastle. Did you pay any contributions till now you went? And what is going to you do once you come back right here? while you're employed or self-employed, you will pay the appropriate contributions, offering your earnings are intense sufficient. To get a pension, you will could have made such particularly some years contributions, whether it is available to get a discounted pension in case you have made below the minimum required for a whole pension.

Answer 4

This sounds about right, if you are employed it is about 11/12% that is deducted then whats left from you wages is taxed, per your tax code. this years standard code being 503L
This is why the state pension is taxable....because the national insurance contributions you pay are not taxed at any point so it is treated as an income which if you income exceeds your personal allowance, the amount you can earn before being liable to pay tax ,(06/07 :£5035 and 07/08: £5225 ) then tax is due.
if you are self employed you pay class 2 national insurance at about £30 per year to keep up contributions then you pay 8% on any profit from self employment.

Answer 5

yes sounds about right.Try working it out like this.....your top line times by 3 and divide by 4 .This is approx what you will bring home.....it does work!!