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| *Ostroff, Fair and Company>>>United Kingdom Taxes |
How do I work out how much tax I am paying and if I work more hours how much more tax I'll pay? |
How do I work out how much tax I am paying and if I work more hours how much more tax I'll pay? All tax details should be clearly printed on your pay slip. But you can work this out yourself quite easily. Everyone has a "Personal allowance" of 拢4,895 per year and is tax free. The next 拢2,090 per year is taxed at 10%, then the next 拢30,310 at 22%. Any annual earnings over 拢32,400 is taxed at 40%. You also have National Insurance Contributions to deduct. You are allowed to deduct some items such as pension contributions etc. and other items may be added to your annual earnings such as benefits you may receive. So your situation may be more complicated, but the above formula is a rough guide. Most people pay basic rate tax at 22%. If you find the above complicated, you should ask your payroll department at your work to explain it to you. They work these things out all the time, and I am sure they would be pleased to help you, or otherwise ring your local tax office: if you get a helpful person they may be willing to chat it through with you. You should be able to work it out by: how much your expecting x 1.175 = how much after tax Have a look at http://www.listentotaxman.com/ You'll just need your tax code from a pay slip and it works the rest out for you http://www.listentotaxman.com/ |
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