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Can someone please work out my take home pay for March 2017? Thank you 😊

dahlia1989
dahlia1989 Posts: 2 Newbie
in Budgeting & bank accounts
Hi everyone,

I'm having a bit of a nightmare doing my budget because March 2017 is bonus month!

My salary paid monthly is £35965, and the total extra bonus in March will be £3300.

I do not have any other employment, pay a post-2012 student loan and pay £85 a month into a pension. Can anyone let me know what my take home pay will be that month? The calculator on here acts like I earn that every month (I wish!)

Comments

  • mgdavid
    mgdavid Posts: 6,710 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Presumably the pension is the employer's scheme, and the monthly contribution is a percentage of pay.
    We need to know:
    - is it deducted from gross pay or net pay? (i.e. is it salary sacrifice or not).
    - does the bonus count as pensionable earnings or not?
    The questions that get the best answers are the questions that give most detail....
  • agrinnall
    agrinnall Posts: 23,344 Forumite
    10,000 Posts Combo Breaker
    edited 10 February 2017 at 1:33PM
    [STRIKE]We also need to know your tax code.[/STRIKE]

    Actually, we probably don't need it in this case.

    Excuding the work pension contribution, the calculation for your take home pay will be approximately:

    Normal take home pay + 3300 - (3300 * 0.2 tax) - (586 * 0.12 employee NI up to UEL) - (2714* 0.02 employee NI above UEL) - (3300 * 0.09 student loan).
  • vouch0r
    vouch0r Posts: 206 Forumite
    Part of the Furniture 100 Posts Combo Breaker
    google salary calculator, you can add bonus/reductions etc :)
  • JuicyJesus
    JuicyJesus Posts: 3,832 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    http://www.listentotaxman.com
    urs sinserly,
    ~~joosy jeezus~~
  • datlex
    datlex Posts: 2,252 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    try https://www.thesalarycalculator.co.uk I find it quite accurate.
    Paid off the last of my unsecured debts in 2016. Then saved up and bought a property. Current aim is to pay off my mortgage as early as possible. Currently over paying every month. Mortgage due to be paid off in 2036 hoping to get it paid off much earlier. Set up my own bespoke spreadsheet to manage my money.
  • agrinnall
    agrinnall Posts: 23,344 Forumite
    10,000 Posts Combo Breaker
    datlex wrote: »
    try www.thesalarycalculator.co.uk I find it quite accurate.

    It's the one I use but I couldn't see a way to include a bonus paid once a year in a specific month, which is why I wrote out the calculation longhand for the OP.
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