ChatterBank0 min ago
How much tax?
4 Answers
I started a new job 4 weeks ago and I am confused how much tax and national insurance I should be paying.
Since April 2007 I have earnt approx �2500
My salary is �25,000 per annum.
I'm unsure how much I will be taxed. I know I havent gone beyond my personal allowance.
Will I be taxed nothing? or is it 10%
If anyone knows this I will be grateful. I have used a salary calculator but I'm unsure about my tax code.
Thanks,. Sally.
Since April 2007 I have earnt approx �2500
My salary is �25,000 per annum.
I'm unsure how much I will be taxed. I know I havent gone beyond my personal allowance.
Will I be taxed nothing? or is it 10%
If anyone knows this I will be grateful. I have used a salary calculator but I'm unsure about my tax code.
Thanks,. Sally.
Answers
Best Answer
No best answer has yet been selected by sallycroc. 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.The personal tax allowance is currently �5225 and is indicate by a tax code of 522L. This figure may be different if you contribute to a pension or have other deductions.
The tax allowance is for earnings in this tax year (2007/8) and equates to approximately �100 per week; anything earned above that amount is taxed at the prevailing rates.
This calculator shows your tax and NI liabilities per year, month and week...
http://www.listentotaxman.com/index.php?isMarr ied=0&isWidow=0&isBlind=0&isStudent=0&calc=1&y ear=2007&age=0&add=0&taxcode=&ingr=25000&perio d=1&chart=0&payrise=0&gr=25000
The tax allowance is for earnings in this tax year (2007/8) and equates to approximately �100 per week; anything earned above that amount is taxed at the prevailing rates.
This calculator shows your tax and NI liabilities per year, month and week...
http://www.listentotaxman.com/index.php?isMarr ied=0&isWidow=0&isBlind=0&isStudent=0&calc=1&y ear=2007&age=0&add=0&taxcode=&ingr=25000&perio d=1&chart=0&payrise=0&gr=25000
�5225.00 is the yearly personal tax allowance.
� 435.42 is the equivalent monthly allowance (1/12)
� 100.48 is the equivalent weekly allowance (1/52)
If you are paid monthly, the first �435.42 earned each month is tax free.
If you are paid weekly, the first �100.48 earned each week is tax free.
I cannot comment on your tax code (even if you had supplied it) since I do not know your personal circumstances and tax history. If you have reason to believe the tax code is incorrect contact your Tax Office.
http://www.direct.gov.uk/en/MoneyTaxAndBenefit s/Taxes/ReclaimingTax/DG_4015573
� 435.42 is the equivalent monthly allowance (1/12)
� 100.48 is the equivalent weekly allowance (1/52)
If you are paid monthly, the first �435.42 earned each month is tax free.
If you are paid weekly, the first �100.48 earned each week is tax free.
I cannot comment on your tax code (even if you had supplied it) since I do not know your personal circumstances and tax history. If you have reason to believe the tax code is incorrect contact your Tax Office.
http://www.direct.gov.uk/en/MoneyTaxAndBenefit s/Taxes/ReclaimingTax/DG_4015573