How much tax?

livinginhope

Morning everyone,DH has been told he has to do 14hr days for the next couple of weeks,7 days a week,this means his wages are going to be £1700/week before tax,what amount will be deducted from this in tax? he says it will put him into a higher tax bracket for the next couple of weeks and then when his wages drop again to £950/week,he should get a tax rebate? Is this right,or will he have to wait until next April to get the tax back?
Thanks
LIH

tigtag02

Hi LIH :hello:

Providing that he is on a cumlative tax code (Not Week1) then his tax will rectify itself as soon as his wages go back down again, depending on the figures this could mean tax back through his wages or paying less than normal.

Hope that makes sense.

The calculations are as follows (assuming his code is 522L)
up to £100 - tax free
the next £43 - 10%
then £522 - 22%
anything over this will be taxed at 40%

For NI he will pay 11% on anything between £100 & £670 and then 1% on anything over.

HTH
tigtag

tigtag02

Rough Calc

Gross - £1700.00
Tax - £515.00
NI - £73.00

Net - £1112

:D:D

livinginhope

Thanks tig :A you're a star
Hardly looks worth doing the overtime,but if he gets it back in a few weeks,sounds better
LIH

tigtag02

as long as his overall earnings are less than the 40% bracket he'll be ok