working out tax, can anyone help

vintagegirl

Just an update on a previous thread and knowing how useless i am with figures, i did a lot of overtime last month and wondered if anyone can help me work out exactly how much my wage will be end of november

heres the figures

before tax i get (normally, without overtime)
£982.92 then after tax this is £865.41

i have done 34.5 hours overtime at roughly £9.07 per hour (which is time and a half)

any ideas what this will total?
thanks

paulmapp8306

To be accurate id need your Tax code - however Im assuming from those figures is 710L (based on 12 months wage being £11795 and you paying £1410 annually in Tax/NI. £1410 is roughly 30% of £4700. Take that off your Annual earnings leaves £7095 which is your tax free eliment)? That gives you 7100 tax free per year.

Basically that means you can earn £592 per month before tax kicks in. The remainder will incur roughly 30% in Tax and NI.

So - 34.5 hours at £9.07 = £312.02, plus your normal wage of £982.92 = £1295.84 before tax.

Take your Tax free £592 off = £703.84 to pay tax/NI on. At 30% thats £211.15.

Take that Tax off your earnings of £1295.84 will give you a take home roughly £1084.69.

Not 1005 accurate but will be roughly right. Hope that helps.

vintagegirl

paulmapp8306 wrote: »

To be accurate id need your Tax code - however Im assuming from those figures is 720L ? That gives you 7200 tax free per year.

Basically that means you can earn £600 per month before tax kicks in. The remainder will incur roughly 30% in Tax and NI.

So - 34.5 hours at £9.07 = £312.02, plus your normal wage of £982.92 = £1295.84 before tax.

Take your Tax free £600 off = £695.84 to pay tax/NI on. At 30% thats £208.75.

Take that Tax off your earnings of £1295.84 will give you a take home roughly £1087.

Not 1005 accurate but will be roughly right. Hope that helps.

thanks for your reply paul, my tax code is 747L, dont know if that makes a difference. doesnt really seem worth it all those hours for that does it, damn the tax man haha

mildred1978

vintagegirl wrote: »

Just an update on a previous thread and knowing how useless i am with figures, i did a lot of overtime last month and wondered if anyone can help me work out exactly how much my wage will be end of november

heres the figures

before tax i get (normally, without overtime)
£982.92 then after tax this is £865.41

i have done 34.5 hours overtime at roughly £9.07 per hour (which is time and a half)

any ideas what this will total?
thanks

I gave you the calculation in your last thread (would probably have been better for you to post this there rather than start a new thread).

34.5 x 9.07 = 312.92

You'll pay 20% tax and 11% NI so that's £62.58 and £34.42 leaving you with £215.92 on top of your usual take home pay.

mildred1978

paulmapp8306 wrote: »

To be accurate id need your Tax code - however Im assuming from those figures is 710L (based on 12 months wage being £11795 and you paying £1410 annually in Tax/NI. £1410 is roughly 30% of £4700. Take that off your Annual earnings leaves £7095 which is your tax free eliment)? That gives you 7100 tax free per year.

Basically that means you can earn £592 per month before tax kicks in. The remainder will incur roughly 30% in Tax and NI.

So - 34.5 hours at £9.07 = £312.02, plus your normal wage of £982.92 = £1295.84 before tax.

Take your Tax free £592 off = £703.84 to pay tax/NI on. At 30% thats £211.15.

Take that Tax off your earnings of £1295.84 will give you a take home roughly £1084.69.

Not 1005 accurate but will be roughly right. Hope that helps.

Not right at all. As per her previous thread she's on a standard tax code.

vintagegirl

not been up long and still no quite with it, apologies

paulmapp8306

mildred1978 wrote: »

Not right at all. As per her previous thread she's on a standard tax code.

Not seen her other thread, but yes it does make a difference.

Also, My figures were rough (which I stated) at 30% Tax/NI not 31%. Its a ballpark figure - again which i stated.

Still theres not that much between them. Id estimated £1084.69, while your figures give her £1081.33

Not bad for a rough estimate then - and not "completely wrong" either.

That said - Im not long up either - and went all round the houses to get my figure. As she was already paying tax/ni it would have been so much easier to do what you did and apply the Tax/NI to her overtime then add that to her normal wage. I obviously need more coffee

McKneff

Is NI 11% for some reason I thought it was 12%.

Im quite happy to be corrected

mildred1978

McKneff wrote: »

Is NI 11% for some reason I thought it was 12%.

Im quite happy to be corrected

You're right. Even more glad I gave up work now!

McKneff

mildred1978 wrote: »

You're right. Even more glad I gave up work now!

Me too Mildred, Ive recenlty retired, it makes a nice change to get something back for a change.

regards
Annie

vintagegirl

thanks for all your help, have another dilemma,
doing more overtime, this month, will be doing 31.5 hours at double time.

can anyone tell me what that will be after tax? i really should learn how to do this x