tax calculation

WaxiesDargle

Hi

can someone please work out...(or show me where I can find a tax calculator where I can do it ) the total take home pay for the following

A final salary pension of £26,322.50 paying no NI

combined with a salary of 29,759 paying NI

for a single person under 65

thanks

nomunnofun

WaxiesDargle wrote: »

Hi

can someone please work out...(or show me where I can find a tax calculator where I can do it ) the total take home pay for the following

A final salary pension of £26,322.50 paying no NI

combined with a salary of 29,759 paying NI

for a single person under 65

thanks

OK - your salary will have £2641 NIC and £4064 tax deducted assuming a code of 944L and payment of NIC on a contracted in basis (Table A) - you are not in pensionable employment, This leaves a net monthly salary of £1921.15.

After salary you have £11691 available to be charged at basic rate. your pension will be charged £11691 at 20% and £14631 at 40%. Total deductions will be £8190.60 in the year. Your net monthly pension should be £1510.95

Your problem is to ensure that your pension is taxed in this manner as, invariably it will be taxed at 20% (much too little) or 40% (too much). Phone HMRC asap to ensure an underpayment or overpayment does not arise.

CLAPTON

WaxiesDargle wrote: »

Hi

can someone please work out...(or show me where I can find a tax calculator where I can do it ) the total take home pay for the following

A final salary pension of £26,322.50 paying no NI

combined with a salary of 29,759 paying NI

for a single person under 65

thanks

tax
salary total = 56,091
personal allowance 9449
so taxable = 46,642

first 32010 at 20% = 6,402
then remaining 14,632 at 40% = 5852

total tax is 12,255

NI is based on 29,759
allowance 7748

so NI is 12% of 22,011=2,641

omissions and errors excepted

WaxiesDargle

Thank you very much, that is really helpful and appreciated