News1 min ago
How Can I Work Out My Son`s Wages?
21 Answers
Hi all
My son started work two months ago
he doesn`t get a wage slip but is paid £320 per week after tax and NI
his net income for the year will be £16640 but he is thinking of taking up a loan and they require his gross income details
what is the calculation to work out his gross wage
TIA
My son started work two months ago
he doesn`t get a wage slip but is paid £320 per week after tax and NI
his net income for the year will be £16640 but he is thinking of taking up a loan and they require his gross income details
what is the calculation to work out his gross wage
TIA
Answers
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For more on marking an answer as the "Best Answer", please visit our FAQ.not surprisingly there is a legal duty to give anemployee a payslip:
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Assuming he has the standard income tax personal allowance of £10,000 his gross pay is £20,125 (to the nearest fiver).
On this he will pay £2,025 on his £10,125 taxable pay and £1,460 National Insurance (which is payable at 12% on income over £7,956). This makes total deductions of £3,485 (ignoring the pennies). £20,125 minus £3,485 equals £16,640.
On this he will pay £2,025 on his £10,125 taxable pay and £1,460 National Insurance (which is payable at 12% on income over £7,956). This makes total deductions of £3,485 (ignoring the pennies). £20,125 minus £3,485 equals £16,640.