Someone please help me working out final paycheck after tax.

Adyou23

Hi all,

I'm leaving my current employment to start a new job. I'm finishing the job mid month and am having trouble working out what my final paycheck would be. Before tax I earn £2133 a month, I'll only be working up until 18th which is 14 working days. This month I'll have £120 overtime. Problem is I owe the company £878 Before tax in overused annual leave and £530 after tax due work benefits. It's a really confusing one as I keep getting a different figure each month. Any help would be much appreciated!!

agrinnall

Nowhere near enough information. At the very least we'd need to know tax code and earnings to date, but there may be other things (e.g. pension contribution, student loan repayment to name two) that could change the amount due. Easiest option is to wait until you are paid and see if the payslip looks correct.

Adyou23

Sorry, tax code is 1150L to date earnings of £8532, (Pension contriubtion of 1% and student loan repayment plan 2). I'd like to be able to wait but the amount i owe the company has put me in a tough financial situation till new job.

00ec25

are you paid at a rate per hour or are you on an annual salary ?

14 working days does not help because if you are salaried, your gorss pay includes weekends and holidays so your final month's gross pay may be one of the following:
a) (18/31) x (annual salary/12) = 18 paid days in August
b) 18/365 x annual salary = 18 paid days per year
or, less likely
c) 14/23 x x (annual salary/12) = 14 workings days in August

badmemory

Also don't forget that if your new employer pays you in August then you may have no tax allowance left so it MAY ALL be taxed at 20%. But that must depend on how much taxable pay (without deduction of non taxable amounts owing) you have.

Adyou23

annual salary

[Deleted User]

Using 00ec25's first method (most likely) it is difficult to come to a wothwhile amount, even with some variation.

£2133 x 18/31 is £1238 - plus overtime of £120 less owed before tax of £878 equals £480.
Gross Pay of £480 will result in a tax refund of £94-ish (ignoring the small pension contribution and student loan because the latter mystifies me). We still have to repay the 'net deduction' of £530. That leaves about £45. Any holidays owed to or by you?

00ec25

[Deleted User] wrote:

Any holidays owed to or by you?

OP states he has overtaken holidays to the value of the £878 you've already accounted for

not that that helps much anyway as 2133 x 12 = 25,596. 25596/365= 70.126 per day. 878 /70.126 = 12.52 days "overtaken"?

[Deleted User]

00ec25 wrote: »

OP states he has overtaken holidays to the value of the £878 you've already accounted for

not that that helps much anyway as 2133 x 12 = 25,596. 25596/365= 70.126 per day. 878 /70.126 = 12.52 days "overtaken"?

Thanks - I did try to edit my post but clearly didn't make a good job of it!