order of wage deductions? (tax, NI etc)

Fraulein_Kunst

Greetings all,

I am due to get my annual bonus this month, and I am having trouble working out what I will come away with

The reason being I have to take into account tax, NI and my student loan but I do not know if they all come off at once or if there is a heir-achy of some sort?

This is probably a really dumb question but I cannot seem to find an answer anywhere

ta

Suarez

You will pay £43.34 in tax and £31.70 NI. Student loan will be £14.10.

Fraulein_Kunst

hi,

sorry i dont think i explained myself properly, but i don't see how you came to those figures without knowing my wage? none of those figures apply to my situation.

What i mean is, does tax, NI and student loan all calculate their deductions independently of each other, and so what is deducted is based on your monthly gross income?

or for example, does the student loan not come off until the NI and tax has been paid?

hope that makes sense

ta

marcarm

I think what they were trying to say is that there is a lack of info in your post, and that was the best anyone can answer with what you said, albeit a little sarcastically!

If you post what you are getting paid along with your tax code, other posters can work out what you will get and you will have the answers you want.

molerat

Without actual figures to work from and as a very rough guide .... they all come off the total amount so if you pay tax at the basic rate, NI and already usually pay student loan for each £100 bonus you will pay £20 tax, £12 NI and £9 student loan. If it is a large bonus that could push you into higher rate tax for this month then you may pay some tax at 40% and reduced NI at 2%.

Fraulein_Kunst

marcarm:

i gave no figures as i never wanted anyone to work it out for me,

i merely wanted to know if they all base the % they take on your gross or not (which was a valid question with no need for sarcasm, especially on a supposedly supportive forum)

Fraulein_Kunst

thanks molerat that answers my question