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Additional Details
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syreeta r | Am I in the higher tax bracket if I am earning 35K per year?, how much will I get/be taxed per month? |
Hi,
recently got a new job offering 35k per year, does this mean I will have to pay the higher tax rate? its not how much will I bet getting after tax per month?
Thanks
xx |
 |
 
MoMo
|
This is a good site, helped me when I got a pay rise and was only out by £20.
http://www.thesalarycalculator.co.uk/salary.php
I did it for you and it says the following for 35k:
Gross Income £35,000.00
Tax £492.75 per month
National Insurance £270.78 per month
Take Home £2,153.13 per month |
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ascoile
 |
No you won't pay at the 40% rate.
You can check it here |
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ballena
 |
No you will not be in the higher tax bracket, you must deduct your personal allowance from that figure, then you will pay 20% on what is left. the personal allowance this year is £5435, unless you have two jobs, or owe back tax, or something like that. To know what you will get, is not that easy, because besides tax you will pay National insurance, and there might be pension contributions. In tax assuming you have the usual personal allowance you will pay about £5900 in income tax this year. I think you will pay about £270 per month in national insurance. |
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syliamarina
|
No you need to be on about £39k to pay higher tax.
The first £5400 (or there about) you earn is tax free. Anything you earn above that is at 20%. You also pay 11% NI contributions.
You should be taking home about £2200 but it also depends if you will be paying into a pension scheme. If you are, this will be deducted before your tax calculation.
So:
£5400 x 0%
remaining £29600 x 11% (NI Contributions) x 20% (Tax)
You should be taking home about £26500 a year which works out a bit less than £2200 a month, assuming you pay no pension contributions.
You will be better off with the change of taxation since this month. With the previous system you would have been earning about £30-50 less. |
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Adultwork
 |
Higher tax bracket is 38k and charged at 40%
Another 3k you fall into the bracket, if you earnt 38k-45k its best to either;
request only £37k or do your own tax assessment, as you can add items to your tax assessment such as working clothes and tools, meaning you can deduct the cost of these goods from your earnings therefore not been taxed for that amount.
Otherwise if you earnt just above 38k you would actually be getting less than people on a lower salary than you.
Im an adult webcammer and earn around 50k a year, i deduct all my work related items and computer goods from my earnings thus still falling into the lower tax bracket.
40% is way too much tax. there should be an increase to the 38k maybe around 70k is more fitting with current salaries/incomes. |
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susie x ♥♥♥
 |
I would have thought you would have to be earning a three figure sum to be in the higher wage bracket. |
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a coffee free bag of revels
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Yes i think you are in the higher one there just about but I might be wrong, I used to earn £37k and took home £2100 -ish a month but that included deduction for a pension too which was quite a bit, about £200, so you may get about £2200 without paying into a pension at an estimate.. |
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sazm82
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For this current tax year (08-09) the tax rates are
0 - £36000 = 20%
£36001+ = 40%
So your salary will just be taxed at 20%. |
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poppy
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i thought it was £40k you had to earn for higher tax rate, but i may be wrong, check it out... salaries are always quoted pretax.
oh, according to acoiles.. link you can only go to £34,600 in lower tax bracket meaning you will pay higher tax :-( |
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miss young
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u be pay 20% instead of 23% |
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