Income tax

[hellywelly4]

I don't know whether this is the correct place to ask this question, but here goes anyway. It's a serious question by the way.

How much would a person have to earn to have a tax bill of £50,000? I think it's over one year.

[bednobs]

approximately £150 000

[factor-fiction]

It depends whether all the tax owed relates to that year's income

[factor-fiction]

This suggests around £150000 a year:
http://listentotaxman.com/index.php
But this assumes no pension contributions and a standard tax code

[hellywelly4]

Thank you very much bednobs and factor30

[craft1948]

I think about £145,000

[New Judge]

From next April a salary of £143,700 will attract a tax bill of £50,000.

Those on a salary in excess of £100,000 will receive no personal allowance. The first £37,400 of their pay will be taxed at 20%, so they will pay £7,480. Somebody on £143,700 will pay 40% on the remaining £106,300 of their pay. This equates to £42,520, making a total income tax bill of £50k.

In addition they will pay about £5,250 in NI contributions. This makes a total reduction rate of about 38.5%.

[hellywelly4]

Thank you also craft1948 and New Judge