A taxing Question !!?

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A taxing Question !!?

I pay tax at the base rate. I am due to get a £500 bonus in with my pay and commissions. I want to split it 50-50 with a friend.
How much does £500 boil down to after tax and insurance.!

2007-07-25 08:46:32 · 2 answers · asked by Anonymous in Business & Finance ➔ Personal Finance

2 answers

I assume you are an employee so you will pay tax at 22% and national insurance of 11%.

So, providing you do not reach the limits for higher rates then your £500 will be reduced to a net figure of £335.

2007-07-25 09:23:38 · answer #1 · answered by tringyokel 6 · 0⤊ 0⤋

The split is immaterial. It will be taxed at base rate... 22% I think so you will pay Â£110 tax leaving you with Â£380 in round figures.

2007-07-25 15:52:56 · answer #2 · answered by Steven 4 · 0⤊ 0⤋