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Near the 40% tax bracket
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mahoney
Posts: 377 Forumite
in Cutting tax
I earn 35K plus overtime. .. Could anyone tell me how the overtime would be calculated? I've never done that much overtime so I've never gone into the higher tax bracket, but there may be the chance to do more coming up. Would it be worth my while? Is it 40% only on earnings over a certain amount or on the whole pay? Thanks.
0
Comments
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you can earn 43,875 (after deducting any pension payments ) before you pay 40% tax
you only pay the 40% plus 1% NI on the amount over the 43,875
do remeber that you pay 20% plus 11% (or 9.4% if opted out) NI on 'normal earning'... so not so much different really0 -
Thank you Clapton, very helpful.0
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