Budget help needed

goodgodthatonesevenbigger

Hey guys im hoping someone on here can piont me in the right direction.

I have worked out a budget and put it all on to a nice spreadsheet, but i need a bit of help working out net overtime pay. this is so i can work out in advance how many overtime hrs i need to wrk each month to make up short falls and pay for extras that i can't afford in my normal monthly wage

Thanks in advance

Marco_Panettone

Would it not be 'hourly rate - usual tax %'? Or have I misunderstood what you mean?

goodgodthatonesevenbigger

I thought maybe that was too simple lol.

My thinking was Hourly rate -( tax % + NI %), if that correct how do i work out what my tax and NI percentage is and how do i take into account my personnal allowance.

Thanks

Tixy

Assuming your a 20% tax payer (earning between £7500k and £42500 a year) then your gross overtime hourly rate*68% will give your net hourly rate.
If you already earn more than 7500 as basic then your personal allowance doesn't need factoring into your overtime calcs.

If your overtime could take you over the £42500 pa threshold or over £3537 gross in any month then the calc will need to be more complicated.

goodgodthatonesevenbigger

Thanks for that

monicamj

You could give this website a try

http://www.thesalarycalculator.co.uk/

goodgodthatonesevenbigger

I might be being a bit thick lol

I've had a look at the NI website and it states

if you earn more than £139 a week and up to £817 a week, you pay 12 per cent of the amount you earn between £139 and £817


When i work tyhis out i dont get the same figure that is shown on my wage slip which sparked a oh dear moment lol does this mean im paying too little NI? Or am i as i suspect being a bit thick and theres something else i should be taking into account?

Marco_Panettone

The first £139 is not charged NI, so if you earn £200 then you pay 12% on the £61 (£7.32, but you only pay £7). I think...

The starting figure is BEFORE tax is deducted.