If i earn 245 pounds a week how much n.i should i be paying? i have tax code 522l w1 Thanks - Dan?

Question

Basically im paying 16 pounds a week and one of my friends seemed to think that was a bit steep. *shrugs thought id ask anyways=-P

Answer 1

f you're employed

    * if you earn above £105 a week (the 'earnings threshold') and up to £770 per week you pay 11 per cent of this amount as 'Class 1' NICs

    * you also pay one per cent of earnings above £770 a week as Class 1 NICs

    * you will pay a lower amount as an employee if you are a member of your employer's contracted out pension scheme

http://www.hmrc.gov.uk/rates/nic.htm

Answer 2

You are on the wrong tax code. You should be on code 543L and if you started work before 25 May, it should be cumulative, not a week 1 basis. Please point this out to your employer.

NIC should be £15.40

Answer 3

Employer hasn't budget-uprated your code number. You can imput figures into www.listentotaxman to check calculation.