Please can any wise people work out how much money I will be taking home this month?

Chunkysmum

We're currently struggling with money as DH has lost his job and so I have been working a lot of extra hours on top of my normal hours.

In order to budget, I need to work out how much take home pay I'll actually have this month. It's difficult to understand how much tax/pension/NI etc. will come off.

My tax code is: 1000L CUMU, NI letter: D, Pension contributions at 7.1%

On pay July payslip it said that my Gross pay this financial year is £5957.41, NI pay: 5957.41, NI conts: 340.17

This month my gross pay will be:
Basic Pay = £943.17
Extra Hours = £3110.00

Does anyone have a clue how to calculate what I will have in my hand at the end of the month when tax, NI contributions, pension etc has come off?

If so, how do you work it out? (Sorry for my ignorance).

I've tried online salary calculators, but I'm struggling to input the money for the extra hours I've worked into the calculators, as it's paid at different rates that have no relation to what my base pay is.

SG27

Use this:

http://www.listentotaxman.com/

Chunkysmum

Thank you,

however I'm afraid that calculator will not allow me to add the pay from my extra hours for this month. Or if it does, I can't work out how to do it.

Twiglet21

I've always worked my finances out on the basis that they will be deducted 30% which include taxes and other deductions, i'm rarely more than 50 quid off on calculations based on this. An average rule is that what ever you earn you will be deducted about 30% generally

masonic

It's not such an easy thing to work out. I've made a few assumptions and approximations here, which might not be completely correct, but here is my prediction:

Total gross income: £4053.17
Allowances - Income tax: £10000 (£833.33 accrued each month)
Allowances - National insurance: £153 per week (approx. per month = £153*52/12 = £663)
Thresholds - Higher rate tax: £31,865 (£2,655.42 per month, paid after £531.08 of basic rate tax, but already accrued 4 months [£10,621.68] and only used £5957.41 so far this FY)
Thresholds - National insurance upper earnings limit: £805 per week (approx. £3488.33 per month)

Deductions - Income tax:
Nothing on first £833.33 = £0
20% on next £2,655.42 = £531.08
20% on next £564.42 [carrying forward unused basic rate allowance] = £112.88
Sub-Total: £643.96

Deductions - National insurance:
Nothing on first £663 = £0
12% on next £2825.33 (£3488.33-£663) = £339.04
2% on next £564.84 = £11.30
Sub-Total: £350.34

Deductions - Pension (assuming 7.1% is the actual deduction and not after grossing up):
On basic pay only: £66.97
If deductions will also include extra hours: £287.78

Total deductions: £1,061.27 or £1,282.08

Leaving you with: £2,991.19 or £2,771.09

As mentioned above, this won't be exact because of assumptions/approximations, but hopefully it will still be useful.

Edit: In fact, this is pretty close to Twiglet's 30%

hugheskevi

To calculate precisely, it is necessary to also know:

• Are the extra hours pensionable?
• How much income tax have you paid so far this year?
• Cumulative taxable pay to July

Do you know the answers to these?

PeacefulWaters

Allowances - Income tax: £10500

Isn't it £10,000?

masonic

PeacefulWaters wrote: »

Isn't it £10,000?

Yes you're right, certainly wasn't suggesting the OP was over 65! Post edited.

hugheskevi

The OP is contracted-out, so her National Insurance payment for the month will be £310.41 (HMRC have a calculator here). The actual calculation is rather painful, with 3 different tranches of income having a different rate (10.6%, 12% and 2%) and a refund on a tranche of income (1.4% on tranche of income between lower earning limit and primary threshold) being applied as well as the allowance at 0%.

There may well also be some income tax relief due from the pension contribution.

Other than those small couple of things which will only make a difference of around £50, masonic's calcs are as good as can be obtained without more detailed info.

Chunkysmum

Wow.

Thank you so much you clever people!

trickydicky14

This is how forums should work, someone has a problem that goes right over the head and other kind souls step in and sort it out as well as being able to show how bright they are, (could you have done it ? Not me) I call that a win win situation well done forum.