We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
not sure where to post this
vintagegirl
Posts: 769 Forumite
just wondered if i could get another opinion on this. I am doing some overtime at work and getting time and a half and trying to budget for next month. I wondered if anyone could help me work out how much tax im going to be charged.
Usually i get about £6 an hour it think.
over 37 and a half hours i get £865.14 and charged around 77.60 tax and 49.12 NI.
I have no idea how to work out potential tax etc.
I am doing 30 hours this month time and a half
any advice appreciated thanks
Usually i get about £6 an hour it think.
over 37 and a half hours i get £865.14 and charged around 77.60 tax and 49.12 NI.
I have no idea how to work out potential tax etc.
I am doing 30 hours this month time and a half
any advice appreciated thanks
0
Comments
-
30 x 9 = £270 gross
You'll pay 20% tax and 11% NI
So an additional £54 tax and £29.70 in NI leaving you with around £184 in your pocket.Science adjusts its views based on what's observed.
Faith is the denial of observation, so that belief can be preserved.
:A Tim Minchin :A
0 -
wow hardly worth actually doing all that overtime is it.
thanks for your reply though, seems almost 100 quid extra tax0 -
mildred1978 wrote: »30 x 9 = £270 gross
You'll pay 20% tax and 11% NI
So an additional £54 tax and £29.70 in NI leaving you with around £184 in your pocket.
how come i pay 77 tax on £865 but £54 tax on £2700 -
vintagegirl wrote: »how come i pay 77 tax on £865 but £54 tax on £270
Your tax allowance will reduce the amount of tax you pay, so a lot of your original salary is tax free. Once you exceed it you will pay tax on all your earnings, hence all your £270 is taxable.
Look at it this way - the more tax you pay means the more you are earning :jA positive attitude may not solve all your problems, but it will annoy enough people to make it worth the effort
Mortgage Balance = £0
"Do what others won't early in life so you can do what others can't later in life"0 -
thanks for your help, better than nothing i suppose.
Maybe you can answer another question for me, i always thought i earned £11795 a year but i think the fact i get £865 a month net suggests more than that..
How can i work out how much i get `(gross) per year?0 -
vintagegirl wrote: »wow hardly worth actually doing all that overtime is it.
thanks for your reply though, seems almost 100 quid extra tax
And almost double that in your pocket.Science adjusts its views based on what's observed.
Faith is the denial of observation, so that belief can be preserved.
:A Tim Minchin :A
0 -
vintagegirl wrote: »thanks for your help, better than nothing i suppose.
Maybe you can answer another question for me, i always thought i earned £11795 a year but i think the fact i get £865 a month net suggests more than that..
How can i work out how much i get `(gross) per year?
It's spot on. Go to listentotaxman.com and enter your salary of £11795 per annum and the net monthly salary comes out as £865 per month.Science adjusts its views based on what's observed.
Faith is the denial of observation, so that belief can be preserved.
:A Tim Minchin :A
0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.2K Banking & Borrowing
- 253.6K Reduce Debt & Boost Income
- 454.3K Spending & Discounts
- 245.3K Work, Benefits & Business
- 601K Mortgages, Homes & Bills
- 177.5K Life & Family
- 259.1K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards