In the UK, what % of salary / monthly wage is taken in tax and National Insurance?
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In the UK, what % of salary / monthly wage is taken in tax and National Insurance? I cant seem to find a pattern. Is there a specific % or are there %s for certain brackets?
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Answer:
It's more complicated than a straight %. The inland revenue try to ensure that at year end all things are equal so if you do overtime they must adjust your tax accordingly. All UK citizens are entitled to earn £4895 before paying tax. The next £2090 is taxed at 10%, the next £30310 is taxed at 22%, any remaining income earned above this value is taxed at 40%. You also have to take into consideration earnings from savings. National insurance is another kettle of fish, you pay no NI contributions if you earn £83.99 per week or less otherwise you may want to consult a table which you can use to work out your contribution. For all you Income tax and National Insurance queries consult the website http://www.hmrc.gov.uk/ you will find all the information you need in a downloadable format.
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Other answers
Hi there...yeah..that looks about right,i`m afraid..best part of 22%...what a liberty!
iamthejerseygirl
21% (thats approx 20% too much)
mydogsfarted
Your tax depends on your income, if you earn over a certain amount (not sure how much) you come in the super tax band, that is 40% (i.e. earn £100,000, pay £40,000 in tax). As for N.I. contributions I was told it is 12%.
psychoticgenius
21%
pablo escobar
Go to www.i-resign.com you can enter your weekly/monthly/annual salary and it shows the exact accurate deductions
Tabbie
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