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Student Loan tax on a bonus

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Lolagirl_2

Lolagirl_2 Posts: 8 Forumite

30 April 2010 at 3:40PM in Loans

hi!

i am hoping someone can help me! i am not great with numbers so apologies in advance!

i get paid 25k per year and pay £75 a month on my student loan. I have been told recently i will be getting a 1k bonus from work - would anybody know how much of this money the student loans company will take? I took my loan out in 1999 and i took the full amount.

If anyone can help i would really really appriciate it!

Thanks so much
Lola

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Comments

Lokolo Posts: 20,861 Forumite

30 April 2010 at 3:43PM

Assuming you get paid 12 monthly.

Normal gross is: £2,083.33
SL: £75.00

Extra gross: £3,083.33
SL: £165.00

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kalaika Posts: 716 Forumite

30 April 2010 at 4:10PM

Agree with Lokolo.

You'll pay 9% of your bonus (£90) on top of your normal salary amount (£75). Total paid that month £165

No trees were killed to send this message, but a large number of electrons were terribly inconvenienced. - Neil deGrasse Tyson (@neiltyson)
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Lolagirl_2 Posts: 8 Forumite

30 April 2010 at 4:13PM

wow thank you so much i really appriciate this

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CLAPTON Posts: 41,865 Forumite

30 April 2010 at 4:15PM edited 30 April 2010 at 9:18PM

you pay 200 tax
about 110 NI
and 90 in student loan deduction

so you get 600

a marginal rate of 40%

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redpete Posts: 4,735 Forumite

30 April 2010 at 9:05PM

Lolagirl wrote: »

Student Loan tax on a bonus

I think you mean Student Loan repayment on a bonus

loose does not rhyme with choose but lose does and is the word you meant to write.
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