help have I been paid correct?

dipsy

Hi

sorry can anyone help me, just received my final pay slip tax code is 601L

it is like this

BASIC 1.00 2476.92 2476.92 PAYE Tax 584.80 Total
HOLIDAY 1.00 949.04 949.04 National Insurance 324.61

can anyone tell me if the tax and NI on the two above amounts are correct?

I earnt under 21k for the last 12 months

thanks in advance, a bit hopeless with this kind of thing

sujman

My rough and ready calc suggest it seems about right, if my assumptions are correct. I assume your payslip is a monthly one.

This is how I worked it out:

Total pay (basic + holiday) = £3,425.96

National Insurance – you pay 11% on anything over £110 a week or £476.67 per month (£110 * 52 weeks divided by 12 months).

So, £3,425.96 - £476.67 = £2,949.29
£2,949.29 * 11% = £324.42 which is close to your amount you quote.

Income tax - You pay 20% on anything over £6015 per year, or £501.25 per month

So, £3,425.96 - £501.25 = £2,924.71
£2,924.71 * 20% = £584.94 which is close to your amount you quote.

sujman

PS - useful site for tax www.listentotaxman.com

There is a box for you to put in you tax code and also change the "Gross Income" from annual to monthly. If you plug in your numbers (basic plus holiday) you'll see it comes with a similar number to my calcs and your payslip