Im trying to work out my monthly salary based on my yearly salary and the web page Im using is asking for a % of Tax I pay? Anyone know what it is?
2007-03-11 12:07:35 · 14 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United Kingdom
Too Bloody much in my opinion!
2007-03-11 23:10:58 · answer #1 · answered by Anonymous · 1⤊ 1⤋
assuming your tax code is 503L like most. then your NIC and PAYE deductions for a month (not 4weekly) are
15000 / 12 =1250 per month
your tax free allowance is £419.92
taxable pay £830.08
tax due on 830 = (176+6.6-21.51) £161.09
and again assuming you are not married, and are not in a pension scheme your NIC is:
1250 - 420 = 830 which is your NICable pay
NIC on 828 (table method) is 91.30
making take home pay
£1250 - £91.30 -£161.90
£996.80
i've used the table method which is what employers use and its provided by the inland revenue. i've also calculated your deductions on a month1 basis which is the NIC and PAYE you would pay for the 1st month is on cummulative basis. i've also used figured for 2006-07 which means it should vary slightly from the figures given if you're getting paid next month after the 6/4/7
theres a lot of factors to consider when working out PAYE and NIC like previous work pay, previous tax pre tax deductions etc.
2007-03-11 23:56:36 · answer #2 · answered by babyonlyne 3 · 0⤊ 1⤋
On a salary of £15K per year, you will pay £2,013.70 Tax and £1,129.48 National Insurance contributions.
Your net take home money will be £11,856.82 a year. This adds up to £988.07 a month and £228.02 per week.
Hope this helps.
2007-03-11 12:35:21 · answer #3 · answered by Smartie 1 · 0⤊ 1⤋
Hi Gina, it doesn;t quite work like that, but here goes...
Take your tax code, add a 5 to the end, subtract this from your salary, it's the tax free amount. (15,000-5035=9965.
The next £2150 is taxed at 10%. Tax=£215, remaining = £7815.
The remainder (for you) is taxed at 22% (£1719.30) - (up to £33,300)
Any remaining would have been taxed at 40%.
Remember that does not include NI, and the bandings will change in May.
2007-03-11 12:36:09 · answer #4 · answered by Cliff E 5 · 0⤊ 1⤋
At your salary level you are a basic tax payer, which means you are in the 22% tax band.
The designer of your web page was a clot.
2007-03-11 12:23:17 · answer #5 · answered by Anonymous · 0⤊ 1⤋
On £15000 per annum you're getting £1250 gross, less tax and NI is roughly £950 ish per month.
If you're paid 4 weekly then it's about £880 net per pay packet
.
2007-03-11 12:12:47 · answer #6 · answered by Leah 4 · 0⤊ 1⤋
After deducting your tax free allowance.
your first £1,910 is taxed @10%
the remainder 22%
2007-03-11 12:32:17 · answer #7 · answered by mickjack 5 · 0⤊ 1⤋
from 10 to 22% it should tell you on your tax code
2007-03-11 12:13:13 · answer #8 · answered by sparky 4 · 0⤊ 1⤋
22 per cent
2007-03-11 12:10:29 · answer #9 · answered by Anonymous · 0⤊ 1⤋
22%- you are a basic rate taxpayer... Mrs Tax officer....
2007-03-11 12:10:14 · answer #10 · answered by Anonymous · 0⤊ 1⤋