Money Help

McDaniel · 8 Aug 2007 at 20:17

Hey All,

Trying to work out how much my overtime will be after tax.

Im on tax code 522L - which from what i've read is 23% emergency tax (gonna talk to employer about that tomorrow)

Last Month:

£1425 basic
+
£44.32 flexi cash

-204.95 tax
-113.77 n.i
-19.00 student loan
-1 for sports n social
-15 towards shares

= next 1115.60

Forgive me if im wrong but 204.95 is not 23% more like ~15

How can i work it out as close as possible to use on an excel sheet so i can roughly calculate my incoming after o/t

Thanks in advance

Vonhelmet · 8 Aug 2007 at 20:21

That's not emergency tax. That's a standard tax free allowance of £5225.

1467 - (5225/12) ~ 1032

2150/12 ~ 180 @ 10% = 18

1032 - 180 = 852 @ 22% ~ 187

Total of about 205.

It's all good in the hood.

McDaniel · 8 Aug 2007 at 20:22

slow down baby

Just trying to work out where you got all those numbers wrong.

Also how much (%) is N.I?

/edit

1467 meant to be 1469?

/edit2

and how much is the student loan calculate on?

marc2003 · 8 Aug 2007 at 20:22

chuck your details in this....

http://www.listentotaxman.com/

always accurate to within a few quid whenever i've used it in the past with overtime.

Vonhelmet · 8 Aug 2007 at 21:02

McDaniel said:
slow down baby

Sorry, was halfway through watching an episode of Life on Mars with the wife so did that in about 30 seconds flat!

McDaniel said:
Just trying to work out where you got all those numbers wrong.

5225 is basic allowance. Split over 12 months by dividing by 12.
2150 is the 10% starting rate band.
Above 2150 (up to ~33k) is basic rate at 22%.

McDaniel said:
Also how much (%) is N.I?

11% on the same amount as you pay tax on i.e. 1032 @ 11% = £104.

McDaniel said:
/edit

1467 meant to be 1469?

Yes. Error due to rushing things.

McDaniel said:
/edit2

and how much is the student loan calculate on?

Pass. Don't know much about it, even though I pay the damn thing too!

Haircut · 8 Aug 2007 at 21:06

Student loan is 9% of what you earn over £15K (rounded down to the nearest pound per month)

So £25,000 salary would mean £10,000 eligible for student loan.
You would then pay 9% of this, or £900 per year in repayments.
This works out to £75 per month in this example.

EDIT: Any overtime/bonus etc. will have 9% taken off as student loan payments if you're already over the £15K threshold.

McDaniel · 8 Aug 2007 at 21:08

Haircut said:
Student loan is 9% of what you earn over £15K (rounded down to the nearest pound per month)

So £25,000 salary would mean £10,000 eligible for student loan.
You would then pay 9% of this, or £900 per year in repayments.
This works out to £75 per month in this example.

Its 9% on anything over £1,250 a month!

Think i got most calculations down now, my Excel sheet is giving me what my payslip does within a difference of about £4

Morba · 8 Aug 2007 at 21:18

McDaniel said:
Its 9% on anything over £1,250 a month!

which equals............ £15k a year!

McDaniel · 8 Aug 2007 at 21:20

Morba said:
which equals............ £15k a year!

i know but you said "in your example it will be £75"

but it was 19

Morba · 8 Aug 2007 at 21:21

McDaniel said:
i know but you said "in your example it will be £75"

but it was 19

not me sir :]

Haircut · 8 Aug 2007 at 21:23

McDaniel said:
i know but you said "in your example it will be £75"

but it was 19

No, I said in the example that I posted it would be £75pcm.

For you:
£1425 basic
+
£44.32 flexi cash

= £1469.32 in the month, so £219.32 eligible for loan payments.
9% of this is £19.74, as I said above they round down to the nearest pound hence the £19.

McDaniel · 8 Aug 2007 at 22:38

Haircut said:
No, I said in the example that I posted it would be £75pcm.

For you:
£1425 basic
+
£44.32 flexi cash

= £1469.32 in the month, so £219.32 eligible for loan payments.
9% of this is £19.74, as I said above they round down to the nearest pound hence the £19.

Ah i get ya, sorry

Also - Sorry Morba, didnt realise i quoted you