If i were to earn 15K how much would i earn after tax?

Question

does anyone know how to work this out

Answer 1

There is already a few correct answers but just to give you some more details of how to calculate as asked.

You take your gross salary and deduct your personal allowance (currently £5,435 in 2008/9 but will be adjusted up to £6,035 as a concession by the govt following this 10% tax rate disaster). This will leave you with £8,965.

As you are a basic rate taxpayer you will pay 20% tax and 11% national insurance on this £8,965. This will total £2,779.

You then deduct your total tax and NI from your gross pay to leave you with £12,221 (£15k - £2,779).

Then  divide this by 12 - £1,018. This will be your net monthly salary.

Answer 2

Don't forget National Insurance (It pays for your pension and health care).

Answer 3

Monthly

Gross Income £1,250.00

Taxable Income £797.08

Tax £159.42

National Insurance £87.45

Take Home £1,003.13

New 2008 Values** £1,013.13

**On 13th May the Chancellor of the Exchequer announced changes which will take effect from September 2008

Answer 4

I must make assumptions that you are under 65 and your tax code is 543L.

...............Gross Pay: £15,000.00

Tax Free Allowances: £.5,435.00

............Total Taxable: £.9,565.00

..................Tax Paid : £.1,913.00

.....National Insurance: £.1,049.40

.......Total Deductions: £.2,962.40

.................Net Wage: £12,037.60

Divide by 12 or 52 to see monthly or weekly figures.

Hope this helps.

Answer 5

You can imput details into www.listentotaxman, and it will give you annual, monthly, and weekly details.

Answer 6

you are usually allowed to earn approx 5k a year tax free personal allowance. so just as a rough guide you would take home about £850  a month after tax and national insurance etc.

that is assuming you are in the uk.

Answer 7

It is a small annual income and therefore your PAYE is going to be very low. So you will earn almost all your £15K less NI and very little tax.