Calculating income for second job

[NotAGolf]

I’m thinking of getting a second job on top of my normal job and I’m trying to work out how much extra I’d actually take home.

I use this salary calculator normally which can work out my net income for my standard job (after tax, NI, pension and student loan deductions). It also has a separate calculator for an hourly rate (which I would be on for my second job). Problem is I can’t simply add the two together as obviously I’d be taxed and have to pay NI contributions on my second job which isn’t taken into account using the calculator on their site.

Anyone know of a decent salary calculator which allows me to do that? Or how I can work this out myself? Sorry if this is a stupid question, but I don’t think it’s as straightforward as tax is X% and NI is Y% of gross, and I’ve got the pension and student load to complicate things further. I’m not sure if it’ll be on different tax codes as well.

 

[-westy-]

Your second job would be on the "BR" tax code - as far as I know you'd only have 1 lot of NI contributions, which would be taken from your main income.

 

[Jez]

Just work out what your gross will be in the 2nd job, and add it to the gross from the first. Then stick that gross figure into a regular calculator.

You don't need to do anything more complicated than that.

 

[Lil old me]

Jez is right, just calculate gross. As westy says your second job will be taxed PAYE at emergency rate when you get paid, but you won't get taxed any more by the end of the year.

 

[Freakbro]

Your second job would be on the "BR" tax code - as far as I know you'd only have 1 lot of NI contributions, which would be taken from your main income.

Yes, the 2nd job will be taxed at a straight 20%

But you will pay NI contributions on the second job as well, if the earnings go over the weekly/monthly NI threshold. (NI is not cumulative like tax - you just pay it, or not, on each separate income stream if high enough)

The threshhold for class 1 NI is £149 / week or £646 / month.

 

[NotAGolf]

Ok, so I've made up some numbers and plumbed them in as follows:

Job 1 - Gross 20k (£1666 p/m)
Tax: £176.00
National Insurance: £122.45
Student Loan: £27.26
Take Home: £1,340.95

Job 2 - Gross: £3640 (£303p/m --- £7 p/h @10 hours a week)
Take Home: £303

Combined: - Gross £23,640.00 (£1,970 p/m)
Tax: £236.67
National Insurance: £158.85
Student Loan: £54.56
Take Home: £1,519.92

The only debate here is whether the NI figure above is correct. -westy- says I'd only pay NI on the main income, which would mean my overall take home would be a touch higher than above. Using the combined method (as above) the second job is taken into consideration and therefore the payment is higher.

 

[Sho]

Just work out what your gross will be in the 2nd job, and add it to the gross from the first. Then stick that gross figure into a regular calculator.

You don't need to do anything more complicated than that.

This

 

[Freakbro]

Just work out what your gross will be in the 2nd job, and add it to the gross from the first. Then stick that gross figure into a regular calculator.

You don't need to do anything more complicated than that.

That's not right, as combining the two figures then calculating the Tax/NI on the overall gross amount will calculate NI contributions on the total amount from the second job, which is incorrect.

Ok, so I've made up some numbers and plumbed them in as follows:

Job 1 - Gross 20k (£1666 p/m)
Tax: £176.00
National Insurance: £122.45
Student Loan: £27.26
Take Home: £1,340.95

Job 2 - Gross: £3640 (£303p/m --- £7 p/h @10 hours a week)
Take Home: £303

Combined: - Gross £23,640.00 (£1,970 p/m)
Tax: £236.67
National Insurance: £158.85
Student Loan: £54.56
Take Home: £1,519.92

The only debate here is whether the NI figure above is correct. -westy- says I'd only pay NI on the main income, which would mean my overall take home would be a touch higher than above. Using the combined method (as above) the second job is taken into consideration and therefore the payment is higher.

Off those figures, your take home pay from the second job will be :-

Job 2 - Gross: £3640 (£303p/m --- £7 p/h @10 hours a week)
Tax : £60.60
NI : £0

Take Home: £242.40

So your combined take home pay will be :

£1,340.95 + £242.40 = £1583.35

 

[Hagar]

I take a pension paid monthly as well as my salary. I get taxed on the full pension amount at my marginal rate but don't pay NI on it, so that looks right.