What is the tax on earnings of £20,000 - £25,000 percentage wise?

Question

Just wondering whats the percentage of tax on earnings between £20,000 and £25k are please, how would that work out on a monthly basis too?

Answer 1

its 20% of the total earnings.

Answer 2

£20,000 would give you an income of £1296 per month

£25,000 = £1583

Tax allomance = £105pwk or £455 pmth( £105 * 52div12)

basic rate of tax = 20%

NI allowance £105 pwk or 455 pmth

ni rate = 11%

Hope this helps

Answer 3

20% and then 40% after 25k

Answer 4

About 33% is a working start.

Answer 5

Excluding national insurance the tax on £20k is £2,913 and on £25k it's £3,913. Hence 14.5% - 15.6%.

If you include national insurance it will be £4,515 on £20k and £6,065 on £25k. Thus 22.5% - 24.3%.

It would be the same percentage whether calculated monthly or annually.

This is based on the current standard personal allowance of £5,435 - the tax (and consequently the percentage) will decrease slightly from Sept as on the increase to £6,035.

How this works is that the first £5,435 of annual income is tax free and the rest suffers tax at 20% and NI at 11%.

Answer 6

20% and 40% if over 40000, disgusting

Answer 7

http://www.thesalarycalculator.co.uk/ is a useful site (not mine)