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calculating tax on a one-off payment
quixonte
Posts: 39 Forumite
in Cutting tax
Hi All,
I am trying to figure out what I will be taxed on a one-off payment from my employer. Everything is PAYE and I am currently paid £37,000 per year. I have a lump sum of £3000. I believe I am on the standard tax code, the lump sum will be paid seperately to my regular pay.
Is it simply a case of I will get 49%(11% NI and 40% Income Tax deductions) of the £3000 ?
Thanks
Q
I am trying to figure out what I will be taxed on a one-off payment from my employer. Everything is PAYE and I am currently paid £37,000 per year. I have a lump sum of £3000. I believe I am on the standard tax code, the lump sum will be paid seperately to my regular pay.
Is it simply a case of I will get 49%(11% NI and 40% Income Tax deductions) of the £3000 ?
Thanks
Q
0
Comments
-
No, you are a basic rate taxpayer, so tax is at 20%£705,000 raised by client groups in the past 18 mths :beer:0
-
Anything over the upper earnings limit (currently £3337 a month ) should only have 1% NI deducted.0
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