im only 16 if that counts
2007-08-17 11:52:01 · 9 answers · asked by LOL!!! 3 in Business & Finance ➔ Taxes ➔ United Kingdom
Hi, I think you will be taking home approximately £250.94. That is if your tax code is 522L-The common one.
Why I have come to this conclusion I will break it down for you to understand.
Out of your £291 you will pay tax on a certain amount, as you do have a tax free sum.
Per annum you will be earning £15,132- your tax free lump is £5220
So you have £9912 that you have to pay 10% tax on, which will be £19.05 every week.
National insurance- Whatever you earn over £100 is charged at 11%- So you have to pay N.I. on £191-which is £21.01 on 11%.
Tax-£19.05
N.I.-£21.01
Hope its right!
Someone mention working tax credit-a 16 years old can't claim- can they?
2007-08-17 14:56:58 · answer #1 · answered by Anonymous · 0⤊ 1⤋
In a normal week you will net £233. This is after deducting tax of £36.65 and national insurance of £21.01.
If you are only 16 is this your first job? If you have not earned anything else in this tax year then you will not pay so much tax at the beginning. In fact you will just pay national insurance for about 10 weeks
I suggest you put that £36 a week away in a savings account somewhere over and above any amount you intended to save anyway. Then it will not be a hardship when the tax kicks in.
2007-08-18 04:29:11 · answer #2 · answered by tringyokel 6 · 1⤊ 0⤋
Thje rough way of calculating this is to say about 72% - which is £209, but it does depend on a number of factors, i.e that you work full time for a full year, and what your tax free allowances are: some of your wage is tax-free, and some of it is taxed at a low rate, and the rest is taxed at the 'normal' rate. You may also be due benefits (tax credits, depending on your circumstances).
2007-08-17 19:06:17 · answer #3 · answered by sicoll007 4 · 0⤊ 0⤋
Try this site, http://www.digita.com/taxcentral/home/employment/payslipcalculator/default.asp
It's not totally accurate, I think due to rate changes, but it gives me a good idea. You will need your tax code though. Not sure what it would be for your age, you could check on another pay slip if you have one.
2007-08-17 19:06:19 · answer #4 · answered by Anonymous · 0⤊ 0⤋
you'll be looking at some where around £220 - £240 depending if thats going to be your income for the rest of the year or if its a one off
2007-08-17 18:57:10 · answer #5 · answered by poli_b2001 5 · 1⤊ 0⤋
Knock off around 25-27% to give you a rough idea of what you'll earn
2007-08-17 19:00:06 · answer #6 · answered by The Darkened Man 7 · 1⤊ 1⤋
Should be about £230 - rule of thumb is gross wage x 0.79 to give take home pay, hope this helps!
2007-08-17 19:02:04 · answer #7 · answered by gary j 4 · 1⤊ 0⤋
thats alot of pounds to gain in one week.
2007-08-17 18:59:01 · answer #8 · answered by xxmelonie74xx 2 · 0⤊ 4⤋
37p
2007-08-17 18:56:39 · answer #9 · answered by Anonymous · 0⤊ 5⤋