How much tax will I pay?
bigbeff
Posts: 1,119 Forumite
in Cutting tax
I don't know if this is the right place to post - I am just trying to work out how much more I will have to pay on debts next month.
I am due a payrise at the end of the month and I will receive £2200 before tax etc. I currently receive £2004. I pay about £100 to pension and proportion to student loan. Any ideas how I'd work out how much I'd actually receive extra?
Thanks in advance
I am due a payrise at the end of the month and I will receive £2200 before tax etc. I currently receive £2004. I pay about £100 to pension and proportion to student loan. Any ideas how I'd work out how much I'd actually receive extra?
Thanks in advance
Debt busting 2022 Total £15842.68 £0 (100% paid since 1/1/22)
- DFD: September 1st 2023[/b]
Savings diary: https://forums.moneysavingexpert.com/discussion/6472040/time-to-build-my-future#latest
0
Comments
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:heartsmil When you find people who not only tolerate your quirks but celebrate them with glad cries of "Me too!" be sure to cherish them. Because these weirdos are your true family.0
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a. gross increase is £196 per month
b. less extra pension deduction (assuming its related to your salary but you haven't said)
c. gives taxable pay increaase
d. less 20% tax of taxable pay (c) i.e c x 20%
e. less NI deduction i.e. 11% of (a) above i.e. a x 11%
(assuming you are not opted out of the state second pension otherwise 9.4%
f. less 9% student loan of (a) i.e a x 9%
giving a lot less than you started with0 -
Thanks guys....you have managed to depress me!! Makes you wonder what the point of a payrise is doesn't it!Debt busting 2022 Total £15842.68 £0 (100% paid since 1/1/22)
- DFD: September 1st 2023[/b]
Savings diary: https://forums.moneysavingexpert.com/discussion/6472040/time-to-build-my-future#latest
0 - DFD: September 1st 2023[/b]
This discussion has been closed.
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