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Calculating my take-home pay from my annual salary.
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# 1
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skintscotsman
Old 21-05-2005, 2:53 PM
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Default Calculating my take-home pay from my annual salary.

I have recently started a new job.

Due to being SKINT, I need to do some budgeting calculations.

Now, my salary is £16 753.

I need to work out what my take-home pay is after tax and NI contributions.

Also, I contribute 6% of my basic salary to a Local Government Superannuation Pension Scheme.

Is there a formula I can use to work this out?

Thanks
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# 2
grumbler
Old 21-05-2005, 10:46 PM
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Payslip Calculator

Rates and Allowances - Income Tax

Rates and Allowances - National Insurance Contributions

Briefly - Income tax:
You do not pay income tax on first £4,895
Then 10% on the first £2,090 over £4,895
Then 22% on everithing else
Pension contributions are not taxable (am not sure about NI).
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# 3
Savvy_Sue
Old 22-05-2005, 2:54 PM
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I'm sure grumbler's links will be more accurate, but if you want a quick and easy calculation I've always found that taking 25% off the gross salary gets roughly the right answer for tax and NI. I'm sure it wouldn't be right if you don't pay any tax at 22% or if you do pay any above 22%, but it works in the middle!

It does depend on your tax code, of course. Look at your P45 and make sure you think it's right, if not then query it with your local tax office.
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# 4
Sheel
Old 22-05-2005, 6:37 PM
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For National Insurance you don't pay anything on the first £404 in a month and then it's 9.4% on any more of your salary , less 83p rebate

This is what my husband tells me as he has worked in salaries and wages for many years
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# 5
fitterastra
Old 22-05-2005, 7:45 PM
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Hi

£16.750 After tax and n.i works out to about £260 a week.

So muliply this by 52 and take off 6%.

Hope this helps
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# 6
YorkshireBoy
Old 22-05-2005, 8:31 PM
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I put your details into a spreadsheet I use to check my payslip. However, I am in a group stakeholder pension scheme, so I think NI figures shown for your details may be innaccurate due to your contracted out pension.

I believe this will mean you will "take home" slightly more than the bottom-line figures shown.

Gross Pay.......................................... £16,753
Pension contribution............................ £ 1,005.18
Pay for tax purposes............................ £ 15,747.82
Personal allowance...............................£ 4,895
Taxable pay........................................£ 10,852.82
Tax (10% on 1st £2,090 of taxable pay)...£ 209.00
Tax (22% on rest of taxable pay)............£ 1,927.82
Total tax............................................£ 2,136.82
National Insurance...............................£ 1,322.31*
*(Gross pay-(91x52))x11%

Total Deductions.................................£ 3,459.13 (Pension + Tax + NI)
Net pay.............................................£ 12,288.69 (£1,024.06/month**)

** This figure is based on salary paid monthly, although I am aware that some Local Government jobs are paid 4 weekly. If yours is 4 weekly, divide the annual figure by 13 (strictly speaking should be divided by 365 [or 366 in a leap year] and multiplied by 28).

Figures are illustrative only - don't make any decisions based on them!
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# 7
EMcG
Old 23-05-2005, 2:26 PM
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try this

http://www.i-resign.com/uk/financial...calculator.asp
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# 8
Poppy9
Old 23-05-2005, 2:33 PM
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If you were previously unemployed you should get a tax rebate for April and part of May as the tax is worked out on your annual salary but you won't earn the full whack before next March.

Also if you are LG staff you might want to think about joining a union. Most staff are members of Unison - subs are based on your salary.
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# 9
Sheel
Old 23-05-2005, 6:33 PM
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Quote:
Originally Posted by fitterastra
Hi

£16.750 After tax and n.i works out to about £260 a week.

So muliply this by 52 and take off 6%.
My husband says this is probably incorrect as 6% pension comes off before tax is calculated , but also you may have worked out NI at 11% , but it would be 9.4% for contracted out NI
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# 10
Rave
Old 25-05-2005, 4:48 PM
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I'm on almost exactly that wage (to within £100 p/a) and I take home £1055 a month- that's after paying £11 union subs and my Civil Service pension contributions which I believe is about £40 a month. Anyway you should be getting somewhere between £1000 and £1100 a month, slightly more this year if you've not worked between the start of this financial year and now.
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# 11
Poppy9
Old 25-05-2005, 5:13 PM
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Quote:
Originally Posted by Savvy_Sue
I'm sure grumbler's links will be more accurate, but if you want a quick and easy calculation I've always found that taking 25% off the gross salary gets roughly the right answer for tax and NI. I'm sure it wouldn't be right if you don't pay any tax at 22% or if you do pay any above 22%, but it works in the middle!

It does depend on your tax code, of course. Look at your P45 and make sure you think it's right, if not then query it with your local tax office.
For all the intricate calculations Savvy Sue's ready reckoner was the quickest, easiest and pretty darn accurate method.

I always use this method when OH wants to know how much o/t he will actually bring home. I always tell him it'll be 75% but he still asks all the blooming time. Men :confused:
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# 12
payless
Old 25-05-2005, 5:33 PM
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I was looking for something similiar - foundhttp://www.netpaydue.com/20052006/js...ckcalgross.jsp for different NI calculations, but no pension box
Any posts on here are for information and discussion purposes only and shouldn't be seen as (financial) advice.
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# 13
Savvy_Sue
Old 25-05-2005, 10:28 PM
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Quote:
Originally Posted by Poppy9
For all the intricate calculations Savvy Sue's ready reckoner was the quickest, easiest and pretty darn accurate method.
I'm delighted to hear it. It is of course also the ONLY method I am capable of taking in! And it has the merit that if you get a little bit more it's a nice surprise, and if you get a little bit less, then ho hum but you knew it wouldn't be 100% accurate!
I'm a Board Guide on the Cutting Tax; Charities; Small Biz & Charity Organisers; and Silver Savers boards, which means I'm a volunteer to help the boards run smoothly, and I can move and merge threads there. However, do remember, Board Guides don't read every post. If you spot an inappropriate or illegal post then please report it to forumteam@moneysavingexpert.com. It is not part of my role to deal with reportable posts.

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# 14
missfrugal82
Old 22-02-2009, 12:10 PM
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hi there,

probably this question has been answered already go to:
http://www.thesalarycalculator.co.uk/salary.php
i have found it to be 100% accurate to date, it takes into account student loan, pension etc
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# 15
Numpty Monkey
Old 22-02-2009, 12:30 PM
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This one seems to be pretty good for me
http://listentotaxman.com/
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# 16
tinkerbell84
Old 22-02-2009, 12:32 PM
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Quote:
Originally Posted by missfrugal82 View Post
hi there,

probably this question has been answered already go to:
http://www.thesalarycalculator.co.uk/salary.php
i have found it to be 100% accurate to date, it takes into account student loan, pension etc
interesting first post :rolleyes:

i expect the OP of the thread has received at least 1 payslip since May 2005 and so this will have been answered
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