How much (by %) is tax/NI off wages?

Question

I'm trying to figure out, given my monthly expenditures, how low a pay cut I can take to apply for a dream job. I'm at my boyfriends, so I've none of my wageslips to check how much I get taxed and how much National Insurance contribrutions come off... I don't pay much attention to them when I get my wages! I don't have any student loans coming off, just those two. Is there an average or set rate?

Answer 1

Too much, it sucks!

Answer 2

Tax is 20% on anything over £5,435 up to £36,000, then 40% over that. 10% tax band has been abolished, apart from savings income. By the way, any interest you earn on savings and other interest income, (apart from exempt investments) will count towards the £36,000.

NI is 11% on anything from £90 a week up to £693, then 1% of anything over that. I expect you are paying the standard rate of class 1 contributions.

As a rough figure, if you are earning less than the threshold for the 40% rate, you will lose about 33% in deductions.

This amount will also depend on your pension arrangements, as some schemes are 'contracted in' or 'out', so you may pay slightly less NI contributions as a result.

Answer 3

I use this site to work out my take home pay and it's always spot on

http://www.sjdaccountancy.com/common/cal...

Answer 4

Depends,unless any other deductions for other reasons & depending on economic reasons over the years usually around 20%-25%

Answer 5

you can usually earn about £5350.00 tax free you will then be taxed at 10% for the next £2020.00 and anything over the £7370.00 that you earn in a year you will pay 22%,

as for nat cont it reall does differ from person to person as to how much they have already paid in previous jobs etc

Answer 6

Play with www.listentotaxman.