How much will I take home each month?

[lulu_bucket]

Just got my first job in London after graduating and it is 23,000 a year. How much will my net pay be a month after I have paid PAYE, NI, student loan back and I think pension contribution but that is still to be sorted?

[VHG]

I think we know too little about the various figures to give an accurate estimate.

We dont know what your student loan repayments are, nor your pension contributions.

Suggest you just wait till you get your first pay slip (though even that figure can change if you tax code changes over the next couple of months - they may put you on an emergency tax code at first. Note there is only one more month till the end of this tax year so you may even get some money back at a later date).

However whatever you get, it wont be enough to live on :-)

[erin-x]

That is around the same salary as the job I was after. I'm sure that there is a calculator on the internet somewhere that will give you a rough estimate. I think I came out with about £17000 a year. Not excellent but it's better than my whole household atm.

[factor-fiction]

The student loan repayment will be 9% or 10% of everything over £15000 (may be uprated by Inflation soon).
Tax will be 20% on everything over the personal allowance (£7470 I recall) less whatever you pay in pension contributions.
NI varies on a scale- there are online calculators available- but it depends on whether you are contracted in or not.

[sunny-dave]

Approx 2700 tax, 1500 NI, 1200 pension (guessing at 5%) = 5400 approx stoppages.

23000 - 5400 = 17,600 = just under £1500 per month

Then deduct student loan if appropriate (no idea how that works)

[tamborine]

http://www.thesalarycalculator.co.uk/

[sunny-dave]

Cracking site tambo - have bookmarked - thanks :=)