How much can you earn before...

RogerPang

ponyboy2000 wrote: »

Can you explain what this means please? What personal allowances are taken away?

I'm not on that much cash but I am still interested to know.

Also, I thought you paid 40pct tax on anything over £33,000 (roughly)

In 2010/11, the following tax rule will be implemented:

The removal of £1 of personal allowance for every extra £2 earned above £100,000 - meaning an effective 60 per cent tax rate between £100,000 and £112,590.

bobmccluckie

University Student non repayable maintenance grant rates and thresholds

Household incomeAmount of grant for 2009/2010Up to £25,000Full grant - £2,906£30,000£1,906£34,000£1,106£40,000£711£45,000£381£50,020£50More than £50,020No grant

23rdspiral

can i second the request to have 2 columns - one for personal, one for household/family. thanks.

LittleVoice

hershman wrote: »

Is there age/amount when you stop paying NI contributions? If you are past retirement age and still working - I am self employed aged 61 and female - and will not be taking the state pension for years.

You no longer need to pay NI contributions once you pass state retirement age. For you this will have been when you reached the age of 60. However, because you are self-employed, you continue to be liable for NI until the tax year after you reach state retirement age.

As you are now 61 you should not be paying NI contributions this year.

Regarding payment of NI, it doesn't matter whether you are already collecting your state pension or have decided to defer receipt (and when it will increase if you defer for at least two years).

hesperus_2

How about adding the state pension at 60/65 and the amount at 80? The 25p a week extra at 80 is a joke!

fishter

I've got this information from the Office of National Statistics. They do a survey each year called Annual Survey of Hours and Earnings (ASHE). Have a look here for more info: Google these phrases "ASHE 2008 site:statistics.gov.uk"

Table 1.7a of the latest report (2008) has the following information on Gross Pay:
Full Time (men and women)
Median: £25 123 (4.5% rise on 2007); Mean: £31 323 (4.2% rise on 2007)
25% of people earned less than £17 781
50% of people earned less than £25 123
75% of people earned less than £35 479
10% of people earned more than £49 923

Full Time Median earnings men: £27 500; women: £21 447
Full Time Mean earnings men: £35 122; women: £25 304

SueC_2

scrattox wrote: »

Well, sorry but, look, if, as has been quoted on here the median salary is around £25k, then that means that if you took all the salaries in the country, sorted them in numerical order and took the middle one, it would be £25k.
So if your wife and yourself earn £13,000 and £10,000 then you're below average earners. Simple statistics I'm afraid. Whether you think you are Mr. Average or not, if you earn £10,000, you're not!

The median is a pretty sensible average for this kind of figure. The "mean" (add up all the salaries and divide by the number of earners) is less reliable because a small number of very large earners can skew the figure, but the median is just the salary of the "middle" earner. If you earn less than this, then more then half of the population (of wage earners) earn more than you. If you earn more than this, then more than half of the population earn less than you.

Why would you think someone would want to put out a misleading "average" ?

Isn't the median still thrown out by the exceptional few entries at either end? Wouldn't the mode method of averaging be more sensible in this instance? ie. What is the salary earned by the most number of people in the country? Just a thought.

scrattox

SueC wrote: »

Isn't the median still thrown out by the exceptional few entries at either end? Wouldn't the mode method of averaging be more sensible in this instance? ie. What is the salary earned by the most number of people in the country? Just a thought.

I'm not an expert, but I would think that out the three simple averaging methods (I vaguely remember that there are others, something to do with 3-median polishing springs to mind!), the median is probably the most appropriate.

I would think that the problem with the mode is that it is the most frequent value. These would count 10,000.00 as different from 10,000.01 so you would probably get odd results.

SueC_2

True enough. I'm certainly no statistician either, but for the purpose of comparison they could always round all the salaries to the nearest £500, £250, whatever was deemed appropriate to get them into reasonable brackets. But what would I know.

old_grouser

webwiz wrote: »

It would be useful to show the level at which the over 65 personal allowance starts to be clawed back and then the level where it has all gone.

Indeed, it would be worth including the 'full' state age-related pension - currently £4953 pa for a single person.