Calculating take home wages
#1
Can someone tell me how much someone earning 20k a year should expect to take home each month after taxes, and national insurance etc.
I cant find a web site for it so was wondering if anyone knew the answer or where I could find it out!
I cant find a web site for it so was wondering if anyone knew the answer or where I could find it out!
#5
Of course, it all depends on your friend's tax code. Might be lower due to underpayment in previous years, etc. Does your friend not get an itemized pay slip with deductions for income tax, NI, etc. on it? If so, eventually any overpayment will get worked out and refunded by the Inland Revenue. If not, your friend's company may be trying to stitch him/her up in which case it's nothing to do with the Inland Revenue.
#7
<BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:<HR>Originally posted by Adam M:
<B>Can someone tell me how much someone earning 20k a year should expect to take home each month after taxes, and national insurance etc.
I cant find a web site for it so was wondering if anyone knew the answer or where I could find it out![/quote]
£1273.32 as a single geezer! OK?
RAver. (Accountant)
<B>Can someone tell me how much someone earning 20k a year should expect to take home each month after taxes, and national insurance etc.
I cant find a web site for it so was wondering if anyone knew the answer or where I could find it out![/quote]
£1273.32 as a single geezer! OK?
RAver. (Accountant)
Trending Topics
#8
RAver is correct providing there are no tax funnies from previous years. There may also be deductions such as pension contribution, social club, health insurance, etc etc. He really needs a detailed pay slip and his tax code to be sure
#9
tis a she.
she has just started a new job, her wages /taxes have been sorted out for her at her old job for seven years.
This has been her first complete month at a new company. I dont know of a detailed pay slip, as the post only came about due to a phone conversation today.
She doesnt have any extra contribtions such as pention detailed. If it has been taken, then she doesnt know about it.
she has just started a new job, her wages /taxes have been sorted out for her at her old job for seven years.
This has been her first complete month at a new company. I dont know of a detailed pay slip, as the post only came about due to a phone conversation today.
She doesnt have any extra contribtions such as pention detailed. If it has been taken, then she doesnt know about it.
#10
It really is quite easy to work out, regardless of tax code.
Add a zero to the end of your tax code, and that's your personal allowance. You pay no tax or NI on that.
The next 1500 or so you pay 10% tax and 10% NI, so you get 0.8 x that.
The next 26500 or so you pay 22% tax and 10% NI, so you get 0.68 x that.
Beyond that, you pay 40% tax and no NI (until Gordon Brown removes the cap ) so you get 0.6 x that.
Add them all up and divide by 12.
Add a zero to the end of your tax code, and that's your personal allowance. You pay no tax or NI on that.
The next 1500 or so you pay 10% tax and 10% NI, so you get 0.8 x that.
The next 26500 or so you pay 22% tax and 10% NI, so you get 0.68 x that.
Beyond that, you pay 40% tax and no NI (until Gordon Brown removes the cap ) so you get 0.6 x that.
Add them all up and divide by 12.
#12
Adam - It will probably get straightened out next month. If she hasn't submitted a P45 before this months payroll she will still be taxed at normal basic rate. Once they get her P45 from her last job she will get the extra tax back. Get her to speak to the payroll dept at her company. The can confirm if this is the case immediately
Thread
Thread Starter
Forum
Replies
Last Post