Can anyone please tell me how to work out tax and national insurance rates?
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Can anyone please tell me how I work out what amount/ % of national insurance and what tax % I would have to pay on an income of £14,000 (GBP)?
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Answer:
Monthly gross salary £1,166.67, tax of £143 and NI of £82 - giving you a net of £941.67 in your hand each month. This assumes a basic PAYE code of 503L.
Janey at Yahoo! Answers Visit the source
Other answers
go to the inland revenue website they do it for you
haha_islaughing
best bet take about 23% off your salary. You'll probably be scared at first when you see how much of your hard earned money goes to the goverment! (just be glad you're not in the higher tax band!
blondeicehockeyfan
This may be of some help, I use to use this when I was self-employed, http://www.direct.gov.uk/MoneyTaxAndBenefits/Taxes/BeginnersGuideToTax/BeginnersGuideToTaxArticles/fs/en?CONTENT_ID=4015904&chk=izW7Qe
Jonny Boy
if you have a salary of £14000 you will end up with the following monthly take home pay of approx £932 The monthly deductions will be approximately; Tax - £150 National Insurance - £85 Hope this answers your question
linkysplinx
You would take home between 800 and 900 quid a month after taxes and ni
vicki r
The tax year runs from 6 April to 5 April. In the period 6/04/06 to 06/04/07, you can earn up to £5,035 without paying tax or in your case, £8,965. The balance is then taxed at three rates (but you will only pay tax in the first two): Roughly the first £2,000 is taxed at 10% (£200) The remainder is taxed at 22% ( £1,532.30) Total tax is £1,732.30 Assuming you are an employee and not self employed, you will have to pay class 1 NI Contributions. This is currently 11% (but again, the first £5,035 is free) In other words, you pay £986.15 in NI. Grand total is £2,718.45. I hope you are writing as an employee, not an employer. If you are trying to work out what to tax an employee, you must contact your local HMRC office immediately to register.
banthafodder1875
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