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PAYE, NI TAX Calculation explanation
Comments
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I figured that from £2076.92 - (4 x £120) = £1596.92 x 0.04 = £63.88
£ 120 might be the weekly pension limit, and above that might be the pension being deducted.0 -
mazibee said:I figured that from £2076.92 - (4 x £120) = £1596.92 x 0.04 = £63.88
£ 120 might be the weekly pension limit, and above that might be the pension being deducted.
However the LEL this year is £123 but was £120 last year.
I would still recommend speaking to payroll for a full explanation.
EDIT See next post1 -
chrisbur said:mazibee said:I figured that from £2076.92 - (4 x £120) = £1596.92 x 0.04 = £63.88
£ 120 might be the weekly pension limit, and above that might be the pension being deducted.
However the LEL this year is £123 but was £120 last year.
I would still recommend speaking to payroll for a full explanation.
https://www.thepensionsregulator.gov.uk/en/employers/new-employers/im-an-employer-who-has-to-provide-a-pension/declare-your-compliance/ongoing-duties-for-employers-/earnings-thresholds2 -
Dazed_and_C0nfused said:chrisbur said:mazibee said:I figured that from £2076.92 - (4 x £120) = £1596.92 x 0.04 = £63.88
£ 120 might be the weekly pension limit, and above that might be the pension being deducted.
However the LEL this year is £123 but was £120 last year.
I would still recommend speaking to payroll for a full explanation.
https://www.thepensionsregulator.gov.uk/en/employers/new-employers/im-an-employer-who-has-to-provide-a-pension/declare-your-compliance/ongoing-duties-for-employers-/earnings-thresholds2 -
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