Quizzes & Puzzles3 mins ago
income tax
2 Answers
im going to work 20 hours per week do i pay tax i will get paid weekly
Answers
1 to 2 of 2
Best Answer
No best answer has yet been selected by sophie24. Once a best answer has been selected, it will be shown here.
For more on marking an answer as the "Best Answer", please visit our FAQ.
Hi, if your tax code is 522L then I think you can earn � 5220 before you pay any tax, which works out about �100 per week. It will also depend on when in tax year you start, i.e before 5 april 08, you prob not pay tax if its your only job in this tax year. From new tax year you may have to pay a little, depends on what you earn. Hope this makes sense. Jane
A good answer from Handby but it's worth pointing out that any other income during the current tax year (such as Job Seeker's Allowance or other taxable benefits) counts when calculating your the amount of tax you'll pay.
It's likely that your current tax code will be 522L. (That indicates that you've got the standard 'personal allowance' for the current tax year of �5225. That's how much pay you can earn before Income Tax cuts in.). If so, your code for the forthcoming tax year (which starts in a month's time) will be 543L. That's because you'll be allowed to earn �5435 without paying any tax on it.
That means that the first �104.52 you earn each week won't be taxed. Thereafter you'll pay 20p in tax for every �1 you earn.
Assuming there are no special circumstances, you'll also pay 11p out of every �1 you earn above �105 per weeek in National Insurance.
To work out your weekly take home pay (within a few pence):
Multiply your hourly rate by 20.
Subtract �105 (It probably won't leave much!).
Multiply by 0.69
Add �105.
Chris
It's likely that your current tax code will be 522L. (That indicates that you've got the standard 'personal allowance' for the current tax year of �5225. That's how much pay you can earn before Income Tax cuts in.). If so, your code for the forthcoming tax year (which starts in a month's time) will be 543L. That's because you'll be allowed to earn �5435 without paying any tax on it.
That means that the first �104.52 you earn each week won't be taxed. Thereafter you'll pay 20p in tax for every �1 you earn.
Assuming there are no special circumstances, you'll also pay 11p out of every �1 you earn above �105 per weeek in National Insurance.
To work out your weekly take home pay (within a few pence):
Multiply your hourly rate by 20.
Subtract �105 (It probably won't leave much!).
Multiply by 0.69
Add �105.
Chris
1 to 2 of 2
