Quizzes & Puzzles0 min ago
Income tax
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I don't know whether this is the correct place to ask this question, but here goes anyway. It's a serious question by the way.
How much would a person have to earn to have a tax bill of £50,000? I think it's over one year.
How much would a person have to earn to have a tax bill of £50,000? I think it's over one year.
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For more on marking an answer as the "Best Answer", please visit our FAQ.This suggests around £150000 a year:
http://listentotaxman.com/index.php
But this assumes no pension contributions and a standard tax code
http://listentotaxman.com/index.php
But this assumes no pension contributions and a standard tax code
From next April a salary of £143,700 will attract a tax bill of £50,000.
Those on a salary in excess of £100,000 will receive no personal allowance. The first £37,400 of their pay will be taxed at 20%, so they will pay £7,480. Somebody on £143,700 will pay 40% on the remaining £106,300 of their pay. This equates to £42,520, making a total income tax bill of £50k.
In addition they will pay about £5,250 in NI contributions. This makes a total reduction rate of about 38.5%.
Those on a salary in excess of £100,000 will receive no personal allowance. The first £37,400 of their pay will be taxed at 20%, so they will pay £7,480. Somebody on £143,700 will pay 40% on the remaining £106,300 of their pay. This equates to £42,520, making a total income tax bill of £50k.
In addition they will pay about £5,250 in NI contributions. This makes a total reduction rate of about 38.5%.