Second Income + Tax

foxblade

Hi, I was wondering if anyone could help me or point me in the direct of a calculator which would work this out.

I need an extra £300 a month to pay my mortgage off early.

I currently work a full-time job and get paid: £1757.36 per month after tax.

The job I have found pays £6.07 an hour for 12 hours so: £315.64 a month before tax. (I worked this out by timing by 52wk and dividing by 12mth for an average)

Does anyone know how much I would lose once it is added onto my full-time wage? How much would my actually take home pay from the second job be?

Thanks, fingers crossed for me, if this works out money wise - I'll go for it :j

ceeforcat

You will lose £63 per month in tax from your second job- no NIC assuming the jobs are not linked employments.

Mikeyorks

The correct tax Code for the 2nd job will be 'BR'. Which (as you don't get close to 40% on the 1st job) will ensure correct deductions of 20% are made - and that will keep you straight overall. Arithmetic as previous post.

foxblade

No the jobs are not linked. My main is public sector the second is part-time supermarket.

Would that mean that it would be £315.64 minus £63?

Mikeyorks

foxblade wrote: »

Would that mean that it would be £315.64 minus £63?

Yes. £315.64 X 20% = £63.12 tax .......... if they put you (P46 needed when you start) on the correct Code.

[Deleted User]

The tax as stated above is correct so you need to be earning approx an extra £376 a Month or £87 a week Gross to ensure £300 net (approx). So on a rate of pay £6.07 you need to do 14.33 hours per week. On the job specifieds above you are £50 short, maybe you can economise an extra £50 per Month?