What is the procedure for calculation of Minimum Alternate Tax?

TAX Calculation in the UK?

• Hiya, I would like know how the TAX is being calculated in the UK, say my annual salary is 50K, and as per rule if the salary is less than 35K, he/she has to pay 20% of tax, but if the annual salary is between 35K and 150K, he/she has to pay 40% of tax, so considering my annual figure how much % do I need to pay the tax, would that be 20% of tax upto 35K, and then the remaining 15K will be calculated with 40% of tax OR it will be 40% of flat tax rate for all 50K? Ta, Reed.

• Answer:

  It is 20% tax on the first £35k of taxable pay, i.e. after deductions, and 40% on the remainder. However if you are moving to the UK from the states you should know that there is a second tier of taxation called National Insurance. This is a further 12%. A headline salary of £50,000 a year will be take home pay of £2967 per month. As an employee your employer will make all the necessary calculations and pay you nett of all deductions, in addition if it is your only employment you do not need to fill out a tax return.