Wages workouts?

Question

How do you work out how much you will take home after Tax and National Insurance? Please show workings out so I can copy it down. Many thanks.

Answer 1

your best bet is to look on the HMRC website, this will give you a breakdown of how your tax code and NI are worked out.  It is not simple I am afraid as you have a certain amount of tax/NI free pay, different bands depending on how much you earn and would be very complicated to write in a brief statement.  It may be easier to google 'salary calculators' and calculate it using one of them.

Answer 2

It depends on your Tax code as to how much deductions will be made

Answer 3

It seems a not easy cracking nut,look aroud here,you should find something helpful.http://home-insurance.featured-resources...

Answer 4

You get a tax free allowance per year, which the current year is £5435 (assuming your tax code is 543L). Anthing under this you pay nothing on. Anything over this you pay 20% tax. So say in a year you earn £10k, you would pay tax on £4565, and 20% of this is £913 tax per year.

For national insurance, you pay 11% on anything over this allowance, before tax is taken off. So if you earnt £10k a year, you pay 11% of £4565 which is £502.15.

So take home pay for the year is yearly pay less tax, less NI, which in the case of £10k a year is a take home pay of £8584.85, or £715.40 a month.

Also, if you can't be bothered working it out you can use this sight which works out everything for you:

http://www.listentotaxman.com/.