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tax calculation

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

Comments

  • nomunnofun
    nomunnofun Posts: 841 Forumite
    edited 29 April 2013 at 7:43PM
    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
    CLAPTON Posts: 41,865 Forumite
    10,000 Posts Combo Breaker
    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
    WaxiesDargle Posts: 1,062 Forumite
    Thank you very much, that is really helpful and appreciated
This discussion has been closed.
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