Help with pay in leu

djmac123

Good afternoon 

I am trying to work out what my take home pay will be following a redundancy next month. Can someone help? 

3 months salary £12500
holiday pay £3000
Redundancy pay £2362
my tax code is 591L

any help would be appreciated 

thanks 

penners324

Tax code is strange, why isn't it 1250l?
£492.50 at 0%
£3674 at 20%
£11,333.50 at 40%
And 12% on all of it for National Insurance.

chrisbur

penners324 said:

Tax code is strange, why isn't it 1250l?
£492.50 at 0%
£3674 at 20%
£11,333.50 at 40%
And 12% on all of it for National Insurance.

Regarding the NI the threshold and upper earnings limit are missing.
There is nothing to pay for earnings below £719 a month, then the 12% is deducted, but when monthly earnings reach £4167 this reduces to 2%

Regarding tax may well be about right but best to check if there are separate gross and taxable gross figures, tax basis and previous taxable gross/tax paid.  Is the redundancy pay the total figure or the excess on which tax is due?

[Deleted User]

penners324 said:

Tax code is strange, why isn't it 1250l?
£492.50 at 0%
£3674 at 20%
£11,333.50 at 40%
And 12% on all of it for National Insurance.

Incorrect.

One needs to know what earnings the op has to date to determine any of the rates applied - if the salary is £4167 per month as indicated, this equates to £50000 per annum and all of the payment , with the exception of the redundancy element, would be at 40% rate. NIC would be at 2% rate only. 

I presume that that the three months salary would be in addition to the normal monthly salary.

[Deleted User]

Ignore.
PS - just figured our how to edit.