Confused by Decembers pay

GambledLife

I'm hoping someone can help we understand my December sadly I don't get my slip till the end of the month.

Basically my salary is £41964
My tax code is currently: 1132L M1 (readjusted to pay my medical insurance)
My usual month pay before taxes: £3497
My usual net pay: £2471
I am student loan payment plan 1 (started before 2012)
And I have a 5% pension salary sacrifice

My Christmas bonus in December pay: £6000
My December pay has been: £5356

I'm not amazing at math and find the whole taxes thig confusing as hell but I think I'm arround £1000 short?

Keezing

Looks correct to me

Unicorn_cottage

What job do you do!

GambledLife

keezing that would be arround 40% for the entire amount as far as I can tell the 40% bracket shouldn't start until earnings hit £46315 ?

Unicorn cottage I work in integration.

[Deleted User]

Hey,

Not sure about any other calculations but your student loan on its own would have been about £717.00.

Dxxx

Gettingtherequickly

GambledLife wrote: »

keezing that would be arround 40% for the entire amount as far as I can tell the 40% bracket shouldn't start until earnings hit £46315 ?

Unicorn cottage I work in integration.

The 20% rate is on first £2,875 of monthly taxable salary and balance at the higher rate. So in your case, you have £940 odd tax free, £2,875 at 20% & £5,700ish at 40%. Don't forget, student loan & NI will also be reflected to cover the bonus.

Keezing

It's coming in around £5300 on https://www.listentotaxman.com

I'm sure your payroll department will be able to explain in more detail.

sourcrates

GambledLife wrote: »

My Christmas bonus in December pay: £6000

Apologies for going slightly off topic, I had to smile at that.

I work for one of the largest veterinary groups in the UK, and for the past 8 years my Christmas bonus has consisted of a £25 shopping voucher.

It shouldn’t happen to a vet lol.

[Deleted User]

Beats my Christmas bonus of £0.00

Dxxx

MallyGirl

sourcrates wrote: »

Apologies for going slightly off topic, I had to smile at that.

I work for one of the largest veterinary groups in the UK, and for the past 8 years my Christmas bonus has consisted of a £25 shopping voucher.

It shouldn’t happen to a vet lol.

It is a sad state of affairs - my DD is aiming for vet school and she is well aware that you have to be doing it for love (as it certainly won't be for the money)

apologies to OP for off topic comment

DrSpendLittle

I ran your numbers through thesalarycalcuator and the net pay was showing £6,447.26 which would match your expectations BUT it caveated this with the following statement:

"You might find that about an extra £1,091.60 of income tax than indicated is actually deducted from your bonus payslip. This is because your earnings in this pay period put you over the income tax threshold for the month, but not for the year. Normally, this "extra tax" is refunded in subsequent payslips"

So... you might get a tax rebate but who knows...

The student loan is a bummer - you've probably paid around £717.