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Bonus Calculation - How much will I get?

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liamod10

liamod10 Posts: 1 Newbie

25 January 2016 at 2:54PM in Benefits & tax credits

Hi,

I'm due a £2,000 bonus this month and wondered how much of it I would actually see after tax.

My annual salary is £23,000 which is paid in monthly amounts of £1,916.67.
I also pay 1% into a pension and my tax code is 1060L.

How much of that £2K am I likely to see?

Thanks!

0

Comments

Darksparkle Posts: 5,465 Forumite

25 January 2016 at 3:07PM

Would depend on your exact YTD, if your pension will be calculated on your normal pay or bonus included, student loans etc.

Roughly you'd get about £1400 extra but that's just based on the info you've given.

0
NYM Posts: 4,066 Forumite

25 January 2016 at 3:07PM

About £1419 of it (If I've calculated it correctly!:o )

edit:

Darn it ! DS got there first !

0
[Deleted User] Posts: 0 Newbie

26 January 2016 at 1:41PM

I think £1340 is more accurate. Tax/NI & Pension come to 33% so you will only pick up 67% of £2000.

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Darksparkle Posts: 5,465 Forumite

26 January 2016 at 1:49PM

dalo wrote: »

I think £1340 is more accurate. Tax/NI & Pension come to 33% so you will only pick up 67% of £2000.

But you are not taking into account the upper earnings limit for NI. 2% over £3531

And we don't know on what basis the pension is calculated.

0
[Deleted User] Posts: 0 Newbie

26 January 2016 at 3:22PM

Also is the bonus pensionable pay or not?

0

This discussion has been closed.

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