Company bonus

neverenough_2

Hi I hope you can help, I have been awarded a company bonus and wondered how much tax and NI I'll be deducted.

My yearly wage is 33k and i'll receive a one off bonus this month of 9900

My tax code is 747L

Thanks for helping

sarahk100574

Lucky You! It will be a shade over £9300 after deductions provided that your salary has been at that rate all year and there are no other factors to consider....enjoy!:beer:

neverenough_2

Thank you!

Although did I read right that you say the £9900 bonus I get this month will come out at around £9300 after tax and NI.. I am probably naive, but that just checking if that is correct

Considering my monthly salary comes out at £2066 after Tax and NI (monthly wage being £2750)

jennifernil

doesn't sound right, will be at least 20% tax taken off, even probably quite a bit at 40%.

jennifernil

To work out tax, add your bonus and your pay to that date together. (10 months of gross pay)

January is month 10 in the year, so work out 10/12 of your personal allowance, deduct that.

Then work out 10/12 of the basic rate (20%) band, that much will be taxed at 20%, the rest at 40%.

Deduct tax already paid this year, the result will be your total tax for this month.

Then there will be NI to deduct.

Next 2 months you should get most of the 40% tax back as you are only slightly into the 40% band over the whole year.

ceeforcat

sarahk100574 wrote: »

Lucky You! It will be a shade over £9300 after deductions provided that your salary has been at that rate all year and there are no other factors to consider....enjoy!:beer:

I am afraid not - I calculate that the op net salary, including bonus, will be £9308 this month - so the bonus nets down to £7241. There will be an element of higher rate tax on that, most of which will be rectified by March payslip.

sarahk100574

ceeforcat wrote: »

I am afraid not - I calculate that the op net salary, including bonus, will be £9308 this month - so the bonus nets down to £7241. There will be an element of higher rate tax on that, most of which will be rectified by March payslip.

Is £9308 NOT a shade over £9300 then...?! I was quoting his take home for the month, and I think the OP understood!

Thank you!

Although did I read right that you say the £9900 bonus I get this month will come out at around £9300 after tax and NI.. I am probably naive, but that just checking if that is correct

Considering my monthly salary comes out at £2066 after Tax and NI (monthly wage being £2750)

Yes OP, that is correct for this month, (bonus & salary just to be clear) you will get £9308. You will get some of the extra tax back, so will take home an extra £150ish than usual for Feb/March. (Again provided that there is nothing else to consider!):D

ceeforcat

Is £9308 NOT a shade over £9300 then...?! I was quoting his take home for the month, and I think the OP understood!

Actually - I don't think he did as he says 'the £9900 bonus I get this month will come out at around £9300 after tax and NI' and he and a further poster queried this.

Nevertheless I am certain that you had no intention to mislead, the important point being that the op now knows the 'damage'.

agrinnall

sarahk100574 wrote: »

Is £9308 NOT a shade over £9300 then...?! I was quoting his take home for the month, and I think the OP understood!)

I agree with ceeforcat that the OP didn't in fact understand, probably because you answered a question (correctly) that he didn't ask - you told him what his take home would be when what he asked for was how much the deductions would be. Anyway, I'm sure by now it's clear to him, the lucky chap :T.

sarahk100574

aaah, well as long as the OP knows now, lucky thing! Think my brain is addled with late night working as Jan 31st looms!! I shouldn't look at this site after 11pm lol!:rotfl:

neverenough_2

Thanks a lot guys, I get it now I thought that you were meaning just the bonus and relaise now you included my normal wage too