Trying to workout Net pay

Madone1

Hi all,

I'm trying to work out if I've been taxed correctly on my Dec pay. I got a bonus (first time in 15 years!).

My annual gross pay is 33600 and tax code 660L. My gross bonus was £3137. On my wage slip it has Tax paid - 1611 Employee Nic - 383.

My net pay is 3843. Does this sound about right.

Any help would be great,

Cheers.
M

anamenottaken

Madone1 wrote: »

Hi all,

I'm trying to work out if I've been taxed correctly on my Dec pay. I got a bonus (first time in 15 years!).

My annual gross pay is 33600 and tax code 660L. My gross bonus was £3137. On my wage slip it has Tax paid - 1611 Employee Nic - 383.

My net pay is 3843. Does this sound about right.

Any help would be great,

Cheers.
M

You will be paying less tax in the remaining months of the tax year when the effect of the bonus is spread through the year just as your personal allowance is, as it were, being accrued throughout the year.

Pont

I love listentothetaxman.com

Don't know if it will be any help when it comes to bonus calculations but may be worth a look.

hcb42

any reason to think it isn't right? Stick the figures in a pay calculator..

Madone1

hcb42 wrote: »

any reason to think it isn't right? Stick the figures in a pay calculator.

Hi, yes it was a online calculator that got me questioning it. The calculator had a bonus section, it had me with a take home pay of £400 extra but wasn't sure on it's accuracy.

specialboy

Seems about right. After you deduct your tax free allowance of £550 you get to keep roughly 2/3rds of the remainder.

chrisbur

Madone1 wrote: »

Hi all,

I'm trying to work out if I've been taxed correctly on my Dec pay. I got a bonus (first time in 15 years!).

My annual gross pay is 33600 and tax code 660L. My gross bonus was £3137. On my wage slip it has Tax paid - 1611 Employee Nic - 383.

My net pay is 3843. Does this sound about right.

Any help would be great,

Cheers.
M

Difficult to tell without seeing the full figures but looks to me as if you may well be on a non-cumulative (month 1) tax code. Check your payslip the tax basis usually appears after the tax code, may look like non-cumulative, month 1, X or NC.
Has your tax code been changed in this tax year, you are on a lower than normal tax code perhaps started the year on something higher? Have you changed employers during the tax year?
To check what tax you have paid, from your payslip can you give year to date taxable gross and year to date tax paid and the month number.

Madone1

chrisbur wrote: »

Difficult to tell without seeing the full figures but looks to me as if you may well be a non-cumulative (month 1) tax code. Check your payslip the tax basis usually appears after the tax code, may look like non-cumulative, month 1, X or NC.
Has your tax code been changed in this tax year, you are on a lower than normal tax code perhaps started the year on something higher? Have you changed employers during the tax year?
To check what tax you have paid, from your payslip can you give year to date taxable gross and year to date tax paid and the month number.

Hi, my tax code has a /1 beside it. I have been with the same employer for 2 years now. YTD taxable gross pay is 27802 and tax paid is 5054. On a normal months salary I pay 446 tax...on this month it's 1611. Thanks.

chrisbur

Madone1 wrote: »

Hi, my tax code has a /1 beside it. I have been with the same employer for 2 years now. YTD taxable gross pay is 27802 and tax paid is 5054. On a normal months salary I pay 446 tax...on this month it's 1611. Thanks.

You are definitely on a non-cumulative tax code. This means that each month your tax is worked out separately as if it was the first payment for the year. As a result of that you have paid quite a bit of tax at 40% even though your year to date earnings assuming tax code of 660L is correct do not put you into the 40% tax band. This extra tax will not be corrected in future payments as long as you remain on a non-cumulative tax code.
Do you know why you are on a month 1 tax code?
Has this code been the same for all of this year?
Do you know why your tax code is so low?


It may be in your best interest to contact HMRC to get your tax code amended to a cumulative code but without knowing more details about why you are on 660L month 1 cannot say.
If you prefer you can PM me the details.


Regarding NI looks about right but would need to know your exact gross figure to check to the pound.