Anyone experienced in payroll - net salary question
Discussion
Hi there,
Need someone who is experienced in payroll to run this past.
Monthly pay is £2000, current take home is £1616.37 after deductions using standard tax code
Annual bonus paid this month (was told this would be £4500.00) so gross pay should have been £6500.00. Amount that hit my bank account was £4165.54.
Is this correct ? Surely tax and NI on £6500 is not £2334.46, or is it ?
Regards
Tim
Need someone who is experienced in payroll to run this past.
Monthly pay is £2000, current take home is £1616.37 after deductions using standard tax code
Annual bonus paid this month (was told this would be £4500.00) so gross pay should have been £6500.00. Amount that hit my bank account was £4165.54.
Is this correct ? Surely tax and NI on £6500 is not £2334.46, or is it ?
Regards
Tim
I'm sure your employer will have done it correctly - the HMRC share is always higher once you have used up the ''free pay'' from your tax code in the month.
You don't say what your Tax Code is and whether they have used a Month 1 basis - which should be shown on your payslip. To check the deductions accurately this information is important.
The following link has access to PAYE and NIC calculators where you can feed in the information.
https://www.gov.uk/government/collections/how-to-m...
You don't say what your Tax Code is and whether they have used a Month 1 basis - which should be shown on your payslip. To check the deductions accurately this information is important.
The following link has access to PAYE and NIC calculators where you can feed in the information.
https://www.gov.uk/government/collections/how-to-m...
As a one of month I make it 6500 gross with a std allowance is 4380 net
I use this place http://www.listentotaxman.com/m/
So looks ok, it's said if across the years you don't hit the 40% band then you should recover some. As you have paid over 1000 at 40%
I use this place http://www.listentotaxman.com/m/
So looks ok, it's said if across the years you don't hit the 40% band then you should recover some. As you have paid over 1000 at 40%
desolate said:
Looks like your bonus will have tipped you into the high tax bracket as it is so early in the tax year.
you will get the tax back over the year.
This. The system will assume you are going to earn that every month for the rest of the year. As soon as you dont then tax will be returned to youyou will get the tax back over the year.
autofocus said:
Hi there,
Thanks for the help so far.
I have looked at a few of the calculators and I reckon I have overpaid by approx £511.
Guess I will get this back over the next 10 months :-(
Regards
Tim
Assuming your pay is normally fixed then it should correct itself pretty quickly - two months maximum.Thanks for the help so far.
I have looked at a few of the calculators and I reckon I have overpaid by approx £511.
Guess I will get this back over the next 10 months :-(
Regards
Tim
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