How much pay jump is needed?
Discussion
jasonrobertson86 said:
djc206 said:
You can opt out of any pension, it’s your right to do so.
no, we can't on the online benefits system. it gives us two options and none of them are opt out.
DanL said:
Racehorse said:
DanL said:
£125k, assuming an 8% pension contribution and zero tax free allowance.
https://www.thesalarycalculator.co.uk/salary.php
That can't be right. Seems a huge jump to get 1k net extrahttps://www.thesalarycalculator.co.uk/salary.php
5k current net after pension and 12570k tax free allowance
You’d get some back with salary sacrifice for pension, but you’re better off assuming zero allowance as you’re likely to get some sort of bonus that will eliminate it during the tax year. If you don’t go for zero, you’ll be paying extra tax in the following years to cover off the underpayment.
Use the link, put some number in - you’ll find it’s right.
It’s about £110k with no pension contributions, according to the link. Your £90k would be £5,230 with no pension contribution according to the link, or around £5k with a 5% salary sacrifice pension contribution.
If earning 90k at present and getting 5k net a month, what pay lift would I need to make 6k net (1k more than current package).
I work out it to be salary of 110k to gain extra 1k net a month but I think this may be wrong due.
Does this seem correct or have I overestimated.
Any help would be appreciated.
I work out it to be salary of 110k to gain extra 1k net a month but I think this may be wrong due.
Does this seem correct or have I overestimated.
Any help would be appreciated.
Racehorse said:
Thank you. It is a massive jump to ask for 124k from 90k for a 1k net increase. This is madness of tax system no.
Meh. It is what it is, and anyone earning at this level can afford to pay a little more tax. You just push through it…What will really bake your noodle is that your tax code can go negative (a K code). So K300 would be negative 3,000 and they’ll add that amount to your earnings to collect the tax. Happens if you have no tax free allowance left and owe tax, either from previous years tax due in this year, or due to BIK (medical cover, car, whatever).
Just remember kids, before you give away your salary etc,
Super Sonic said:
Op has quite a history of posts like this.
CoolHands said:
It’s all fictitious anyway.
There must be a dozen or s similar threads by the same person, under an assortment of user names. If it's a thread where the magical £100k is mentioned, it's this person. Again.Why did I bother to answer here? 
https://www.pistonheads.com/gassing/topic.asp?h=0&...
Get the job first. Money is a side effect of career progression - don’t think “what do I need to earn to take home X?”, think “how do I progress in my career?”.
The money follows on from that. Yes, take home slows between -100-126k due to losing the tax free allowance. But a 3% pay rise is still a 3k increase at 100k, compared to 900 on 30k. You’re still better off with the same percentage increase, even if you take a smaller percentage of it home.
https://www.pistonheads.com/gassing/topic.asp?h=0&...
Get the job first. Money is a side effect of career progression - don’t think “what do I need to earn to take home X?”, think “how do I progress in my career?”.
The money follows on from that. Yes, take home slows between -100-126k due to losing the tax free allowance. But a 3% pay rise is still a 3k increase at 100k, compared to 900 on 30k. You’re still better off with the same percentage increase, even if you take a smaller percentage of it home.
DanL said:
Why did I bother to answer here?
https://www.pistonheads.com/gassing/topic.asp?h=0&...
Get the job first. Money is a side effect of career progression - don’t think “what do I need to earn to take home X?”, think “how do I progress in my career?”.
The money follows on from that. Yes, take home slows between -100-126k due to losing the tax free allowance. But a 3% pay rise is still a 3k increase at 100k, compared to 900 on 30k. You’re still better off with the same percentage increase, even if you take a smaller percentage of it home.
Thank you, I know you have answered and what you say is fair. Appreciate your help. https://www.pistonheads.com/gassing/topic.asp?h=0&...
Get the job first. Money is a side effect of career progression - don’t think “what do I need to earn to take home X?”, think “how do I progress in my career?”.
The money follows on from that. Yes, take home slows between -100-126k due to losing the tax free allowance. But a 3% pay rise is still a 3k increase at 100k, compared to 900 on 30k. You’re still better off with the same percentage increase, even if you take a smaller percentage of it home.
The challenge I have at moment is I am already on solid wage and to make next jump need to take extra responsibility so weighing up risk vs reward.
shtu said:
Just remember kids, before you give away your salary etc,
bSuper Sonic said:
Op has quite a history of posts like this.
CoolHands said:
It’s all fictitious anyway.
There must be a dozen or s similar threads by the same person, under an assortment of user names. If it's a thread where the magical £100k is mentioned, it's this person. Again.
ks, I have 1 account on this forum. Stop making up false narratives.Racehorse said:
shtu said:
Just remember kids, before you give away your salary etc,
bSuper Sonic said:
Op has quite a history of posts like this.
CoolHands said:
It’s all fictitious anyway.
There must be a dozen or s similar threads by the same person, under an assortment of user names. If it's a thread where the magical £100k is mentioned, it's this person. Again.ks, I have 1 account on this forum. Stop making up false narratives.E63eeeeee... said:
Racehorse said:
shtu said:
Just remember kids, before you give away your salary etc,
bSuper Sonic said:
Op has quite a history of posts like this.
CoolHands said:
It’s all fictitious anyway.
There must be a dozen or s similar threads by the same person, under an assortment of user names. If it's a thread where the magical £100k is mentioned, it's this person. Again.ks, I have 1 account on this forum. Stop making up false narratives.It is a car forum with other areas of interest.
Racehorse said:
E63eeeeee... said:
Racehorse said:
shtu said:
Just remember kids, before you give away your salary etc,
bSuper Sonic said:
Op has quite a history of posts like this.
CoolHands said:
It’s all fictitious anyway.
There must be a dozen or s similar threads by the same person, under an assortment of user names. If it's a thread where the magical £100k is mentioned, it's this person. Again.ks, I have 1 account on this forum. Stop making up false narratives.It is a car forum with other areas of interest.
Racehorse said:
E63eeeeee... said:
Racehorse said:
shtu said:
Just remember kids, before you give away your salary etc,
bSuper Sonic said:
Op has quite a history of posts like this.
CoolHands said:
It’s all fictitious anyway.
There must be a dozen or s similar threads by the same person, under an assortment of user names. If it's a thread where the magical £100k is mentioned, it's this person. Again.ks, I have 1 account on this forum. Stop making up false narratives.It is a car forum with other areas of interest.
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