Bonus Tax/Salary Help?

Jordy456

Hello All,
I wonder is someone could advise me on my wage/tax situation il face next month.

As it stands I earn 26000 per year. I get paid the last working day of each month and my tax code is 1150L.

Next month so end of APRIL I am receiving a bonus and a few other payments, I think I may go into a 40% tax bracket for the month - however I am trying to figure out how much I will get.

All figures are pre -tax
Wage - 26000 / 2166 Per month
Salary Back date for 3 months previous wage was 25000. Addtional £83 x 3 = £249
Overtime - £450
Bonus - £2000

I make this £4865 all together, would this mean I will pay 40% tax.

Can any one offer some advice?:beer::beer::beer:

RADDERS

_shel wrote: »

40% isn't until you hit £45k a year.

As next month is month one, they will be taxed extra but will receive it back the following month when the pay goes back to normal.

£3385.29 is what the salary calculator works it out as with no deductions for pension or union.

Jordy456

So is the 3385.29 with the 40% tax. Then I will receive a rebate the next month? Or will it just be a case of my paying less tax the next month.

Jordy456

So is the 3385.29 with the 40% tax. Then I will receive a rebate the next month? Or will it just be a case of my paying less tax the next month.

molerat

Tax due for the year to date is calculated at each pay point. It then deducts or refunds the difference from what has already been paid.

Rough Calc using 2017 tax base as I have not got 2018 set up, actual figures will be different as 2018 allowance is 1180L.
Using 1150L tax code if you were paid £4865 in April you would pay £1003.66 tax £3470 take home, May pay £2166 with £18.74 tax £1969 take home, June pay £2166 with £241.40 tax £1746 take home and the same going on. You will effectively get a tax refund of £222.74 in your May pay.

Jordy456

Perfect, that helps alot
Could I just ask though, does that figure you added include NI too? Or will that be an extra 12% from the figures?

RADDERS

https://www.thesalarycalculator.co.uk/

This is the website I use and it is very accurate.

Jordy456

Hi Both,
The figures have changed now... Can you help me again.

All figures are pre -tax
Wage - 26000 / 2166 Per month
Salary Back date for 3 months previous wage was 25000. Addtional £83 x 3 = £249
Overtime - £750
Bonus - £2000

I make this £5165 all together, would this mean I will pay 40% tax.

Also how much would I earn net after this?

Jordy456

Hi Both,
The figures have changed now... Can you help me again.

All figures are pre -tax
Wage - 26000 / 2166 Per month
Salary Back date for 3 months previous wage was 25000. Addtional £83 x 3 = £249
Overtime - £750
Bonus - £2000

I make this £5165 all together, would this mean I will pay 40% tax.

Also how much would I earn net after this?

chrisbur

Jordy456 wrote: »

Hi Both,
The figures have changed now... Can you help me again.

All figures are pre -tax
Wage - 26000 / 2166 Per month
Salary Back date for 3 months previous wage was 25000. Addtional £83 x 3 = £249
Overtime - £750
Bonus - £2000

I make this £5165 all together, would this mean I will pay 40% tax.

Also how much would I earn net after this?

If we assume that your future earnings are going to be with overtime so say £2900 in round figures then your tax will be (very roughly ) Month 1 on £5165 £1098 Month 2 on £2900 £192 Month 3 on £2900 £313 Month 4 and on-wards on £2900 £383

Jordy456

Hi Chris,

Is that 1000 with the 40% taken off?