We’d like to remind Forumites to please avoid political debate on the Forum.

This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide

Is this amount of tax correct?

I have received a bonus at work of 350 pound, which is added onto my monthly salary and is taxable.
The thing is it works out that I have paid 103.04 in tax and NI to receive my bonus! Is this correct?
My wage slip looks like this on a normal month:
tax = 160
NI = 84.79
pension = 48.61
union = 6.15

This month with my bonus it looks like this:
tax = 230
NI = 117.83
pension = 48.61
union = 6.15

Tax code 647L and NI code D.
Is there a calcualtor online I can use to check, its probably correct I just like to check.

Thank you

Comments

  • chrisbur
    chrisbur Posts: 4,299 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    I have received a bonus at work of 350 pound, which is added onto my monthly salary and is taxable.
    The thing is it works out that I have paid 103.04 in tax and NI to receive my bonus! Is this correct?
    My wage slip looks like this on a normal month:
    tax = 160
    NI = 84.79
    pension = 48.61
    union = 6.15

    This month with my bonus it looks like this:
    tax = 230
    NI = 117.83
    pension = 48.61
    union = 6.15

    Tax code 647L and NI code D.
    Is there a calculator online I can use to check, its probably correct I just like to check.

    Thank you

    Tax will be 20% and NI 9.4%. Your figures are very close to this the small difference probably due to roundings which cannot be checked to the penny without full figures and knowing which method was used to work out the NI.
This discussion has been closed.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 354.4K Banking & Borrowing
  • 254.4K Reduce Debt & Boost Income
  • 455.4K Spending & Discounts
  • 247.3K Work, Benefits & Business
  • 604K Mortgages, Homes & Bills
  • 178.4K Life & Family
  • 261.5K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16K Discuss & Feedback
  • 37.7K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.