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Rough calculation on tax deducted
lynseydee
Posts: 1,810 Forumite
in Cutting tax
My husband has received a bonus from work which has obviously been taxed. We have decided to use the money towards buying a newer car but I want to work out roughly how much of it I can use with the tax deducted. Is there a rough guide I can use to work out how much tax would have been taken off?
Thanks
Thanks
Did owe £9,951.96
Now helping hubby pay off loan. Finally paid off :j
Owe Virgin [STRIKE]£5,950.00 [/STRIKE]at 0% til June 2009 £3,427.89. Owe HSBC [STRIKE]£5,460.78 [/STRIKE]2.9% til May 2010 £3,703.07. Owe Post Office £1,676.62 at 0% til September 2010
Now helping hubby pay off loan. Finally paid off :j
Owe Virgin [STRIKE]£5,950.00 [/STRIKE]at 0% til June 2009 £3,427.89. Owe HSBC [STRIKE]£5,460.78 [/STRIKE]2.9% til May 2010 £3,703.07. Owe Post Office £1,676.62 at 0% til September 2010
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Comments
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Your use of the past tense in the first sentence would tend to suggest you should already know how much tax was paid.0
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I don't because it has been paid with his salary which would also have been taxed.Did owe £9,951.96
Now helping hubby pay off loan. Finally paid off :j
Owe Virgin [STRIKE]£5,950.00 [/STRIKE]at 0% til June 2009 £3,427.89. Owe HSBC [STRIKE]£5,460.78 [/STRIKE]2.9% til May 2010 £3,703.07. Owe Post Office £1,676.62 at 0% til September 20100 -
Pay slip? If you know how much he normally gets and and how much has been paid this month, it's not difficult work work out the extra tax if you know the original untaxed bonus amount.0
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TadleyBaggie wrote: »Pay slip? If you know how much he normally gets and and how much has been paid this month, it's not difficult work work out the extra tax if you know the original untaxed bonus amount.
The thing is it's not a set amount every month as it depends on how much private fuel (he drives a company car) he's had to pay for and how much bonus he's earned. This month's bonus was quite a good one hence using it to buy a car.Did owe £9,951.96
Now helping hubby pay off loan. Finally paid off :j
Owe Virgin [STRIKE]£5,950.00 [/STRIKE]at 0% til June 2009 £3,427.89. Owe HSBC [STRIKE]£5,460.78 [/STRIKE]2.9% til May 2010 £3,703.07. Owe Post Office £1,676.62 at 0% til September 20100 -
Without exact figures of tax code, gross pay to date etc no one can give you an accurate figure.
As a rough guide if a basic tax payer with no other deductions such as pension or student loan 32% of the bonus will be taken for tax and NI, if a higher rate tax payer then 42% will be taken.0 -
Surely the word 'bonus' is on his payslip separately.
If so, then just deduct 20% if he pays normal tax....
and also deduct 12% NI
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Do you actually know the amount of the bonus.make the most of it, we are only here for the weekend.
and we will never, ever return.0 -
If you've already got the money why does it matter?
As per the above if it's below the HRT tax band it would be at 32% (20% tax and 12% NI) and if it's above it would be taxed at 42% (40% and 2% NI). If it straddles the two it would be a bit of both.
Without any actual info we can only speculate.Thinking critically since 1996....0
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