 Hi, I got my paycheck and it was $600.00 and the withholding tax was, FICA-SS $37.20, FICA-Med $8.70 and? |
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(I had to ask this again because I keep leaving info out)
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http://www.fairtax.org/s... |
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dani&mick | My tax code is 522L and i dont pay tax is this right? |
I have put this down to the fact that i have a child but im confused, if this is wrong will i receive a big tax bill? |
 |
 
steffi
 |
This is the normal tax code for people in the UK. If you earn less in an income tax year (which goes between 6th April, and 5th April), you won't pay tax.
The fact you have a child, and can probably claim tax credits, has no effect on your code number, nor on the tax you pay.
If you earn more than £5225 this year (it goes up to £5435 in April), you will get a tax underpayment computation, but you would not be asked to pay in a lump sum. Your code number for a future year, probably for 2009/2010 will be restricted, and any underpayment collected by instalments from each payday in that year. If you think you will be underpaid, contact tax office, so that situation doesn't go on into next year. |
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nic nac
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522l is your basic personal allowance. If your taxable income is £5225 a year or less no tax is due. |
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pirate_princess
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522L means you will be able to earn £5220 before paying tax, as the first answerer said, it will also depend on the hours you work, the hourly rate, the tax office are there to help. |
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Mark J
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the tax code identifies hoiw much your tax allowance is
in your case its £5220.. the amount you earn tax free.
so if you are earning less than 5220 per year (or £435 per month or around £100 per week) you will not be paying tax.
if you earn more than that the employer should automatically deduct the tax form future income.. that would only hapopne if your income moved above the threshold, and you woudlbe taxed on that addiotnal amount pro rate.
say your inocme rose to £120 per week, you would only get taxed on the £20 on top of the allowance. if you were say being paid less than £100 per week. The allowance is calcualted inthe current tax year, so you would only start paying tax if your projected income is over the allowance.
Id check to see if there are addtional allowances you may be entitled to. |
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dave12041976
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If you have a job you will pay tax, if you are self employed you will also pay tax.
If you do not have a job and are getting benefits etc you will not pay tax on those.
Sorry for generic answer your question is not very specific RE your circumstances |
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irideavmax
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there is so many factors effecting that question - wages, actual age,hours worked etc etc etc etc, if you are not sure fone your local tax office, you will neede your n.i number |
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x matt n claire x
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hi there. fomr my experiance not so long ago, my tax code was also 522l.... i assume your working part time hours?.... if so this is why.... i also recieved tax credits having children.....your rate of pay with your hours worked results in this code..... it normally works that the first £100 of your wages you dont get taxed and being on that code if you work over that the tax you pay will be very little. dont worry . if your concerned further contact the inland revenue to put your mind at rest, i hope this helped.:) |
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brandyman_uk
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this means that you can earn £5220 per year before you pay any tax. |
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