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Author How do you work out tax?
Ojc
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Registered: 14th Nov 00
Location: Reading: Drives : Clio 197
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   26th Jun 03 at 14:02   View User's Profile U2U Member Reply With Quote
Getting bonus this month and need to know how much EXACTLY I will be getting.

Love you.
vibrio
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26th Jun 03 at 14:04   View User's Profile U2U Member Reply With Quote
the same rate as your on at the mo. your given a tax code say 453L. this means you can earn up to £4530 berfore gitting taxed, then your taxed at a lower rate fro another £2000 or so before being taxed on the higher rate of 23% I think. so your bonus will get taxed at 23%
J da Silva
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Registered: 10th Apr 03
Location: The FACTory
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26th Jun 03 at 14:05   View User's Profile U2U Member Reply With Quote
lets say u earn 10k a year
10,000 divided by 100 and multiply it by 18%

18% bein the tax rate

i get all my tax back every year,i got the best accountant doin my books
Ojc
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Registered: 14th Nov 00
Location: Reading: Drives : Clio 197
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26th Jun 03 at 14:06   View User's Profile U2U Member Reply With Quote
23%

Ok, so before tax I am going to get £1,146.00.
vibrio
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26th Jun 03 at 14:09   View User's Profile U2U Member Reply With Quote
£882.42

also there woul dbe an increase in national insurance contributions as well.
Ojc
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Registered: 14th Nov 00
Location: Reading: Drives : Clio 197
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26th Jun 03 at 14:10   View User's Profile U2U Member Reply With Quote
Hold on, what is 10% of £11,460?
vibrio
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26th Jun 03 at 14:12   View User's Profile U2U Member Reply With Quote
23% is the tax rate
Ojc
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Registered: 14th Nov 00
Location: Reading: Drives : Clio 197
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26th Jun 03 at 14:12   View User's Profile U2U Member Reply With Quote
So about £800 quid then.

That will do me fine.
Jambo
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Registered: 8th Sep 01
Location: Maidenhead, Drives: VXR Arctic
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26th Jun 03 at 14:14   View User's Profile U2U Member Reply With Quote
Last bonus i got from my work was £20

I need a new job
vibrio
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26th Jun 03 at 14:15   View User's Profile U2U Member Reply With Quote
I got a £10 gift token from M&S
Donna Corsa GSi
Registered: 1st Jan 70
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26th Jun 03 at 14:17   View User's Profile U2U Member Reply With Quote
OJC assuming u earn an average salary just times ur bonus by 22% thats the tax figure. and then times the bonus by 10% thats the national insurance figure.

Vibrio ur figures are completely incorrect

[Edited on 26-06-2003 by Donna Corsa GSi]
Donna Corsa GSi
Registered: 1st Jan 70
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26th Jun 03 at 14:20   View User's Profile U2U Member Reply With Quote
quote:
Originally posted by VenomTurbo
lets say u earn 10k a year
10,000 divided by 100 and multiply it by 18%

18% bein the tax rate

i get all my tax back every year,i got the best accountant doin my books


Thats the rate for CIS subcontractors
J da Silva
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26th Jun 03 at 14:21   View User's Profile U2U Member Reply With Quote
okey dokey,fankin u don don
Ojc
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Registered: 14th Nov 00
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26th Jun 03 at 14:38   View User's Profile U2U Member Reply With Quote
Donna, you have just made it so much easier.

Have you ever considered being a teacher?
Ojc
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Registered: 14th Nov 00
Location: Reading: Drives : Clio 197
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26th Jun 03 at 14:43   View User's Profile U2U Member Reply With Quote
Bonus is £1,146.00

Tax is £1,146.00 X 22% = £252.12
National Insurance is £1,146.00 X 10% = £114.60

= £366.72

£1,146.00 - £366.72 = £779.28

I feel that my £366.72 is going to go to asylum seekers pockets

Gambit
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Registered: 5th Jun 00
Location: Common Sense HQ
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26th Jun 03 at 14:51   View User's Profile U2U Member Reply With Quote
unless you live in the isle of mung where you get 10% tax and 7% NI taken off your monthly pay packet
Robbo
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Registered: 6th Aug 02
Location: London
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26th Jun 03 at 14:54   View User's Profile U2U Member Reply With Quote
Donna is the closest - Ni is now 11% up to £30,940 (1% above that)

Maybe he's Higher Rate?



[Edited on 26-06-2003 by RobboSRi]
Robbo
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26th Jun 03 at 14:55   View User's Profile U2U Member Reply With Quote
quote:
Originally posted by vibrio
the same rate as your on at the mo. your given a tax code say 453L. this means you can earn up to £4530 berfore gitting taxed, then your taxed at a lower rate fro another £2000 or so before being taxed on the higher rate of 23% I think. so your bonus will get taxed at 23%


453L and 23% is like 1998/9!!
Robbo
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26th Jun 03 at 14:56   View User's Profile U2U Member Reply With Quote
£767.82 I believe - better than nowt
Robbo
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26th Jun 03 at 14:57   View User's Profile U2U Member Reply With Quote
quote:
Originally posted by Adam Kindness
er....... i paid 481 tax and 242 NI this month

but what i dont get is..... that was on £2661.67.....


R u a director?
Robbo
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Registered: 6th Aug 02
Location: London
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26th Jun 03 at 14:59   View User's Profile U2U Member Reply With Quote
oh... whats ur tax code?
Gambit
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Registered: 5th Jun 00
Location: Common Sense HQ
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26th Jun 03 at 15:00   View User's Profile U2U Member Reply With Quote
mines 800C
Robbo
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Registered: 6th Aug 02
Location: London
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26th Jun 03 at 15:02   View User's Profile U2U Member Reply With Quote
quote:
Originally posted by Gambit
mines 800C


WTF? Doesnt IofM hav same rules etc?
Gambit
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Registered: 5th Jun 00
Location: Common Sense HQ
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26th Jun 03 at 15:03   View User's Profile U2U Member Reply With Quote
does it fuk!!

do u think i moved here for the fun of it!

[Edited on 26-06-2003 by Gambit]
Robbo
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Registered: 6th Aug 02
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26th Jun 03 at 15:04   View User's Profile U2U Member Reply With Quote
d'oh - ill check adam - i have a calculator - im sure theres a web site with a calculator 2 (tax one that is)

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