How Much Tax & Insurance SHould I Have Paid?

fleetingmind

My annual salary is £30k before tax and NI. I have a interest free loan of £1760 for my travel card which gets taken out each month. My monthly salary after tax and NI is approx £1727.
I am married and under 65 and receive no additional benefits apart from child benefit and child tax credits etc what everyone gets for my two kids.

In December I earnt £608 for overtime and I received an extra £5k for commission and bonus.

So for December I got paid for £2500 - Salary, £608 - Overtime and £5,000 - Bonus. A total of £ 8,108.00

After tax and NI I received £5,141.17.

Is that right nearly £3k in tax and NI?

Thanks.

fengirl_2

Yes, that is correct because the tax tables which are used to calculate PAYE tax have assumed that your salary will be that amount every month and this makes you a higher rate taxpayer. The extra tax deducted will be gradually refunded over the coming 3 mths so that by the end of the tax year, you will have paid the correct amount of tax.
There is nothing you can do about the NIC which is calculated on a month by month basis, not on a cumulative basis, like tax.

chrisbur

fleetingmind wrote: »

My annual salary is £30k before tax and NI. I have a interest free loan of £1760 for my travel card which gets taken out each month. My monthly salary after tax and NI is approx £1727.
I am married and under 65 and receive no additional benefits apart from child benefit and child tax credits etc what everyone gets for my two kids.

In December I earnt £608 for overtime and I received an extra £5k for commission and bonus.

So for December I got paid for £2500 - Salary, £608 - Overtime and £5,000 - Bonus. A total of £ 8,108.00

After tax and NI I received £5,141.17.

Is that right nearly £3k in tax and NI?

Thanks.

What is your tax code and basis?
Are you in a contracted out company pension scheme? If you are not sure what was the split between tax and NI for Dec.
What was you total taxable gross income as at your November salary?
Only with the above details can your tax and NI be worked out accurately.