kingsy18 Posted October 1, 2016 Report Share Posted October 1, 2016 Any maths whizzes on here,if your paid £720 a month gross what should be the monthly wage be after deductions,tried working it out myself think i got brain fog. Quote Link to comment Share on other sites More sharing options...
Winston72 Posted October 1, 2016 Report Share Posted October 1, 2016 what tax code? Quote Link to comment Share on other sites More sharing options...
ph5172 Posted October 1, 2016 Report Share Posted October 1, 2016 (edited) I usually work on - 1/3 for a quick ball park figure for a base rate tax payer inc NI contributions Working it out yearly you would be below the tax threshold (assuming it was your only income) so only liable for NI - as a rough guess you take home would be £714 Edited October 1, 2016 by ph5172 Quote Link to comment Share on other sites More sharing options...
kingsy18 Posted October 1, 2016 Author Report Share Posted October 1, 2016 Not sure its not for me ,does it make a lot of difference,have to get back on that one. Quote Link to comment Share on other sites More sharing options...
ph5172 Posted October 1, 2016 Report Share Posted October 1, 2016 Not sure its not for me ,does it make a lot of difference,have to get back on that one. yes, if its a second income its taxed and NI on the whole amount with no tax relief at all Quote Link to comment Share on other sites More sharing options...
kevin55 Posted October 1, 2016 Report Share Posted October 1, 2016 This is a good site http://www.thesalarycalculator.co.uk/salary.php Quote Link to comment Share on other sites More sharing options...
SNS Posted October 1, 2016 Report Share Posted October 1, 2016 £714.20 Quote Link to comment Share on other sites More sharing options...
EvieG2017 Posted December 11, 2017 Report Share Posted December 11, 2017 Definitely not a maths wizz and know that you probably already have the answer to your question but I used this site that I recently came across: tax calculator According to that site, you'll earn £8,640 a year, you'll pay £0 in tax, and you'll take home £715 every month. Hope that's helped Quote Link to comment Share on other sites More sharing options...
figgy Posted December 11, 2017 Report Share Posted December 11, 2017 Davyo will know but online tax calculators are good at getting it near. Quote Link to comment Share on other sites More sharing options...
Lloyd90 Posted December 11, 2017 Report Share Posted December 11, 2017 Is it a second income or a sole income? Will make a big difference. If sole income it will be below the tax threshold and you pay NI at 12% on anything over £157 a week. £720 x 12 months = £8,640 a year / 52 weeks = £166.15 a week. So they would take Home - £165.05. If a second income and they earn over the tax threshold on the first job they would be taxed at 20% and 12% NI on the full amount - take home if a 20% tax payer - £112.98 a week I believe. If they cross over the 40% threshold then it’s more complicated again. Also if they have student fees and earn over something like £22,000 then it’s another 9% taken off. Also if the person is making pension contributions these will all take it down (although that’s normally before tax is taken). I still hold a zero hour contract at a children’s home I worked at, do the odd shift for fun. Get taxes 20%, 12% NI and 9% student loan. 41% deductions, have cut right back on how many shifts I’m picking up as it makes it hardly worth it. Quote Link to comment Share on other sites More sharing options...
Wb123 Posted December 11, 2017 Report Share Posted December 11, 2017 2 hours ago, Lloyd90 said: Is it a second income or a sole income? Will make a big difference. If sole income it will be below the tax threshold and you pay NI at 12% on anything over £157 a week. £720 x 12 months = £8,640 a year / 52 weeks = £166.15 a week. So they would take Home - £165.05. If a second income and they earn over the tax threshold on the first job they would be taxed at 20% and 12% NI on the full amount - take home if a 20% tax payer - £112.98 a week I believe. If they cross over the 40% threshold then it’s more complicated again. Also if they have student fees and earn over something like £22,000 then it’s another 9% taken off. Also if the person is making pension contributions these will all take it down (although that’s normally before tax is taken). I still hold a zero hour contract at a children’s home I worked at, do the odd shift for fun. Get taxes 20%, 12% NI and 9% student loan. 41% deductions, have cut right back on how many shifts I’m picking up as it makes it hardly worth it. Progressive taxation is a ******. If I pick up extra I pay 40% tax, 3% ni, 9% student loan, approx 8% indemnity, then usually about 4% travel costs. Colleagues with kids have an even worse time with thresholds for losing child tax benefits and a few others with losing extra childcare entitlement plus the 60% rate. Unless they can charge like a wounded rhino it makes no financial sense to take on extra work when stuck in paye. Whilst i I appreciate the logic behind progressive taxation it seems to ramp up far too quickly in the U.K especially when you look at child benefits and become a barrier for many doing a bit more. Quote Link to comment Share on other sites More sharing options...
krugerandsmith Posted December 12, 2017 Report Share Posted December 12, 2017 On 01/10/2016 at 11:23, kingsy18 said: Any maths whizzes on here,if your paid £720 a month gross what should be the monthly wage be after deductions,tried working it out myself think i got brain fog. Why worry you know that you will get it all back when you retire. Quote Link to comment Share on other sites More sharing options...
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