Income & bionus tax calculation - help please!!

giggsy07

Hi all,

I was yesterday informed of a promotion (pay rise) and a discretionary bonus which will come in my payslip at the end of March. I am struggling to work out how much I will net and what my tax, NI and Student Loan payments will be. Any help is greatly appreciated.

Year to date

Salary has been £27,000 per annum with a car allowance of £2,975 paid monthly. I also received an intro bonus (for recruiting a person to the firm) of £1,500 gross at the end of October (this increased my student loan payment for the month to £247, tax £700 and NIC £353,22 as gross income for this month was £3,997.92).

My most recent payslip showed a gross income of £2,497.92 with dedeuctions of Tax £406.80, NI £222.41 and student loan £112 - net £1,756.71 (this is pretty standard for the year).

Pay rise

I was informed that my basic pay had been increased to £32,500 and my car allowance for £4,250 - i.e. gross salary of £36,750 per annum. This has been stated to be with effect from 1st January 2011 and so I will receive backdated pay to this level at the end of March payslip, i.e. 3 months.

Bonus

I also received a gross bonus of £12,500 which will be payable in a lump sum in my payslip at the end of March.

I think my payslip at the end of March will include my new salary, 2 months backdated salary increase and my bonus, however I am struggling to calculate what I will net from this.

Many thanks in advance for any help.

Russe11

ask your payroll department?