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New job Tax bracket to choose
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Gordyb
Posts: 6 Forumite
in Cutting tax
OK I have a possible job offer but did not know the wage to choose.
Wage offered is between 37-42 pa so which one do I choose, if I go above 40 000 then I pay huge amount of tax don't i
Thanks for advice.
Wage offered is between 37-42 pa so which one do I choose, if I go above 40 000 then I pay huge amount of tax don't i
Thanks for advice.
0
Comments
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Are you sure you can command a salary like that with logic like that?0
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If this is your only taxable income then £37,000 is the best salary if you want to minimise the amount of tax paid.
If you go for the £42,000 then you will be paying an extra £1,000 in tax :eek:. Plus extra National Insurance. Plus possibly extra pension contributions and student loan repayments.0 -
OK I have a possible job offer but did not know the wage to choose.
Wage offered is between 37-42 pa so which one do I choose, if I go above 40 000 then I pay huge amount of tax don't i
Thanks for advice.
It took literally 3 seconds of Googling to find a tax calculator.
Assuming nothing strange, no pension contributions and tax code of 1250L, then:
£37k is £2,391.32 take home each month (£408.33 tax, £283.68 NI)
£42k is £2,674.65 take home each month (£491.67 tax, £333.68 NI)
Rather unsurprisingly, the higher salary results in more tax and higher net pay.0 -
Are you sure you can command a salary like that with logic like that?
Bogof jesus get over yourself, it's a simple question regarding how my h tax I would pay and yes a simple Google search does show various pay I just wanted to know if its worth taking the pay above 40G...but hey you continue to be a helpful !!!!.0 -
Dazed_and_confused wrote: »If this is your only taxable income then £37,000 is the best salary if you want to minimise the amount of tax paid.
If you go for the £42,000 then you will be paying an extra £1,000 in tax :eek:. Plus extra National Insurance. Plus possibly extra pension contributions and student loan repayments.
Thanks Dazed just the info I wanted to know, shame the other idiot couldn't have used his somewhat limited patience to do the same eh. :rotfl:0 -
Not sure if you are being serious or sarcastic?0
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Dazed_and_confused wrote: »Not sure if you are being serious or sarcastic?
He's been enitely serious, you have literally just sent someone off to negotiate down their salary :rotfl:0 -
Thanks Dazed just the info I wanted to know, shame the other idiot couldn't have used his somewhat limited patience to do the same eh. :rotfl:
perhaps invest some of the well above average salary in some lessons on personal finance (and maths) ?0 -
So you will choose a £5,000 reduced salary so you don't have to pay £1,000 tax? Why don't you take a £12,000 salary and pay no tax?0
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Wait a minute...Gordyb? Are you Gordon Brown?
If so, remember that Scottish tax rates are different!0
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