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Is my payslip correct?
MikeR371
Posts: 55 Forumite
Not quite sure where to post this, hope here is ok.
I'm just checking a payslip. The calculation doesn't look correct to me. Just wondering if someone could have a quick look and see if you spot the same thing that I think is wrong? Any help much appreciated! Here are the details:
Pay for Oct-09
Tax code 686L
Salary 1,427.97
Total = 1,427.97
Tax 171.00
NI 104.72
Pension Cont. 42.84
318.56
Net Pay = 1,109.41
I'm just checking a payslip. The calculation doesn't look correct to me. Just wondering if someone could have a quick look and see if you spot the same thing that I think is wrong? Any help much appreciated! Here are the details:
Pay for Oct-09
Tax code 686L
Salary 1,427.97
Total = 1,427.97
Tax 171.00
NI 104.72
Pension Cont. 42.84
318.56
Net Pay = 1,109.41
0
Comments
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http://www.listentotaxman.com/index.php?c=1&yr=2009&age=0&add=0&code=&pension=0&time=12&ingr=1427.97&vw[]=yr&vw[]=mth&vw[]=wk
According to the tax calculator above it looks about right given your taxcode is higher than the norm"You've been reading SOS when it's just your clock reading 5:05 "0 -
Taxed on your pension contribution ..... where do I claim my prize.0
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No - the pension has not been taxed in my calculations and the deductions are stil the same as the net.0
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Ignore me please molerat - prize in post for you!0
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So pension contribution has been deducted from the net pay and not the gross? This is what I thought. So it's wrong!
However, since I posted the payroll bureau called me back, tell me they're not sure but it might be correct. They say that the pension company is probably adding back the tax relief when this is paid into their funds. Not sure I understand this... I'll investigate further...0 -
So your payroll don't actually understand what they are doing then. :rolleyes:So pension contribution has been deducted from the net pay and not the gross? This is what I thought. So it's wrong!
However, since I posted the payroll bureau called me back, tell me they're not sure but it might be correct. They say that the pension company is probably adding back the tax relief when this is paid into their funds. Not sure I understand this... I'll investigate further...0 -
To be fair I only spoke to the junior, and he's put me straight now.
I just didn't realise that it is the scheme provider that is adding the tax relief on. Well you live and learn.0 -
There's 2 ways of getting tax relief on pension contributions:
Method 1 - Pension contribution deducted from monthly salary and then you are taxed on the balance
Method 2 - You are taxed on your monthly salary and then your pension contribution is then deducted from your resultant salary. The tax relief is then obtained for you by the pension provider and applied to your pension pot.2014 Target;
To overpay CC by £1,000.
Overpayment to date : £310
2nd Purse Challenge:
£15.88 saved to date0 -
I should known really, I am an accountant...0
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