Tax/take home calculation

WaxiesDargle

Hi

I'm single and I presently earn £21,319 pension (no NI) and take home £1529 per month

and £22,152 in salary and take home £1302 per month (BR Tax)

If my salary was increased to £24,013 could anyone tell me what my additional take home pay would be?

I think I enter into the 40% tax threshold with this addition

Thanks

dori2o

Don't mean to be rude but can you tell us how old you are?

WaxiesDargle

not rude at all dori2o

53 and getting no younger

oh and no savings to calculate so am at present standard (or whatever it's called) tax payer

fengirl_2

£22556 of your pay will be taxed at 20% with the rest at 40%.

WaxiesDargle

fengirl wrote: »

£22556 of your pay will be taxed at 20% with the rest at 40%.

short and to the point fengirl.....what about the rest of the maths :huh: :rotfl:

Pumpkinface_2

WaxiesDargle wrote: »

short and to the point fengirl.....what about the rest of the maths :huh: :rotfl:

The personal allowance of £6,475 has been applied to the pension income, this leaves £14844 of taxable pension, taxed at 20%; this results in the £1,529 per month.

First £37,400 of income is taxed at 20%, so for OP this is 37,400-14844 (pension) = £22,556 of the salary will be taxed at 20% and the rest at the higher rate.

WaxiesDargle

Pumpkinface wrote: »

The personal allowance of £6,475 has been applied to the pension income, this leaves £14844 of taxable pension, taxed at 20%; this results in the £1,529 per month.

First £37,400 of income is taxed at 20%, so for OP this is 37,400-14844 (pension) = £22,556 of the salary will be taxed at 20% and the rest at the higher rate.

Thanks pumpkin...

(Waxies now very cheekily asks how much more take home would he get..taking into account NI on salary )

hieveryone

Try this website?

http://www.thesalarycalculator.co.uk/salary.php

WaxiesDargle

cheers hieveryone...I like that

WaxiesDargle

Although I think that gives NI for the whole salary, whereby mine is split in two with no NI for the pension...

I'll have another look later when I aint so bleery eyed!!

ceeforcat

Your gross salary is increasing by £1860. From that you will lose 20% tax and 11% NIC (assuming you are not in a company pension scheme and paying contracted out contributions). You will lose £576.60 of your increase and your take home pay will increase by £106.95 per month.