Quizzes & Puzzles16 mins ago
tax rate
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how much percentage tax does the goverment charge per month at salaries
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No best answer has yet been selected by munish. 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.I'll try to answer both your questions in one.
I've assumed that you've got a basic tax code and that, when you refer to your pay as �957 'per month', you actually mean '4-weekly' (so there are 13 payments in a year, rather than 12). [If you really do monthly, I've quoted the revised figures at the end].
So, a few sums:
You earn �957 x 13 = �12441 per year.
The tax man lets you earn the first �4895 without paying any tax on it
The next �2020 of your pay is only taxed at 10%, so this gives us the first �202 of tax to be paid.
The remainder of your pay = �12441 - �4895 - �2020 = �5526. This is taxed at 22%, which gives another �1215 tax to be paid.
So, the total tax for the year = �202 + �1215 = �1417.
Spread over 13 4-weekly payments, this means that the tax on each payment will be about �109.
National Insurance will be deducted at the rate of �16 per week = �64 per 4-weekly period.
So your total deductions for tax & NI will be about �109 + �64 = �173.
So your pay, after these deductions will be about �957 - �173 = �784.
As I've said, the above figures are based on 'monthly' actually meaning '4-weekly'. If you're actually paid once every calendar month, the tax man will take about �100.50 per month and your NI contribution will be �60.50, leaving you with about �796 per month.
(NB: Some married women can pay less National Insurance than the figures I've quoted).
Chris
I've assumed that you've got a basic tax code and that, when you refer to your pay as �957 'per month', you actually mean '4-weekly' (so there are 13 payments in a year, rather than 12). [If you really do monthly, I've quoted the revised figures at the end].
So, a few sums:
You earn �957 x 13 = �12441 per year.
The tax man lets you earn the first �4895 without paying any tax on it
The next �2020 of your pay is only taxed at 10%, so this gives us the first �202 of tax to be paid.
The remainder of your pay = �12441 - �4895 - �2020 = �5526. This is taxed at 22%, which gives another �1215 tax to be paid.
So, the total tax for the year = �202 + �1215 = �1417.
Spread over 13 4-weekly payments, this means that the tax on each payment will be about �109.
National Insurance will be deducted at the rate of �16 per week = �64 per 4-weekly period.
So your total deductions for tax & NI will be about �109 + �64 = �173.
So your pay, after these deductions will be about �957 - �173 = �784.
As I've said, the above figures are based on 'monthly' actually meaning '4-weekly'. If you're actually paid once every calendar month, the tax man will take about �100.50 per month and your NI contribution will be �60.50, leaving you with about �796 per month.
(NB: Some married women can pay less National Insurance than the figures I've quoted).
Chris