what is my net monthly wage

aspiring · 28 May 2023 at 19:36

Offered a job for 95k wage + 7.2k car allowance. Therefore my total wage would be 102,200k.

If I did salary sacrifice of 4% of my wage (95k) into a pension, how much would I be taking home every month as NET MONTHLY wage.

I want to compare this to my current wage and see if it is worth the extra stress. Please could anyone help with this. Thank you.

adidan · 28 May 2023 at 19:45

One post and not even a please or thanks.

Check Google, there's online calculators.

aspiring · 28 May 2023 at 19:48

Apologise, that was a total oversight on my behalf. Sorry.

I am struggling with the online calculators sadly so came here for help. Would greatly appreciate any support.

dlockers · 28 May 2023 at 19:51

Jokester · 28 May 2023 at 19:52

£ 5,345.79

Haze · 28 May 2023 at 19:52

dont get trolled guys

aspiring · 28 May 2023 at 19:57

Jokester said:
£ 5,345.79

thank you. I am guessing this includes pension contributions??

aspiring · 28 May 2023 at 19:58

Haze said:
dont get trolled guys

I am not a troll. It is genuine question as I am having stressful time in making decision whether to move.

throwaway4372 · 28 May 2023 at 20:05

4% is a low pension contribution.

On this sort of salary you really do need to learn how to calculate and optimise your own tax. You'll be getting fleeced by the govt.

aspiring · 28 May 2023 at 20:10

throwaway4372 said:
4% is a low pension contribution.

On this sort of salary you really do need to learn how to calculate and optimise your own tax. You'll be getting fleeced by the govt.

But the company put in 8% on top of my 4%.

Monthly

£ 7,916.67

£ 395.83

£ 600.00

£ 7,073.33

£ 2,201.00

£ 443.63

£ 4,876.21

I tried on https://www.thesalarycalculator.co.uk/salary.php and got 4.8k as monthly net?

throwaway4372 · 28 May 2023 at 20:12

Do a proper forecast of how much pension pot you'll end up with vs how much you want to have when you plan to retire.

Calculate your tax paid at each bracket.

Then decide how much more pension you want to contribute to pay less tax.

dlockers · 28 May 2023 at 20:13

Your £7.2k of allowances - what are they exactly?

Ideally you want to contribute pension so its below 100k otherwise you get the 66% tax. Do you have kids?

aspiring · 28 May 2023 at 20:14

throwaway4372 said:
Do a proper forecast of how much pension pot you'll end up with vs how much you want to have.

Calculate your tax paid at each bracket.

Then decide how much more pension you want to contribute to pay less tax.

Thanks but I have put in the figures as 91200 + 7200 (in view of the 4% deduction on 95k). However, the salary calculator showing as 4.8k but others saying 5.3k

aspiring · 28 May 2023 at 20:15

dLockers said:
Your £7.2k of allowances - what are they exactly?

Ideally you want to contribute pension so its below 100k otherwise you get the 66% tax. Do you have kids?

the 7.2k is a car allowance. No kids, No student loan.

how did you get the figure of 5.3k because for me 4.8k is coming?

dlockers · 28 May 2023 at 20:18

aspiring said:
Thanks but I have put in the figures as 91200 + 7200 (in view of the 4% deduction on 95k). However, the salary calculator showing as 4.8k but others saying 5.3k

You are deducting your pension twice (or something).

Salary: 102200
Pension: 316.66 (4% of 95k)
Takehome: £5,562/mo

Your car allowance isn't pensionable so it makes your take home look "larger".

aspiring · 28 May 2023 at 20:36

dLockers said:
You are deducting your pension twice (or something).

Salary: 102200
Pension: 316.66 (4% of 95k)
Takehome: £5,562/mo

Your car allowance isn't pensionable so it makes your take home look "larger".

in your earlier post you said take home was 5.3k, now you are saying 5.6k?

This is why I was asking the question as I am not sure which calc is accurate?

The pension is salary sacrifice so 4% of 95k would be my actual wage + the 7.2k car allowance on top

dlockers · 28 May 2023 at 20:40

aspiring said:
in your earlier post you said take home was 5.3k, now you are saying 5.6k?

This is why I was asking the question as I am not sure which calc is accurate?

I didn't know what your £7200 was (you just said allowances). Now I know, you can do it accurately.

I did a typo on the previous post, it is actually £5.5k flat.

ChrisD. · 28 May 2023 at 20:56

Put more into your pension, especially if you get bonuses.

aspiring · 28 May 2023 at 21:01

dLockers said:
I didn't know what your £7200 was (you just said allowances). Now I know, you can do it accurately.

I did a typo on the previous post, it is actually £5.5k flat.

I am getting 5.3k?

4% of 95k = 91k + 7200k

Total income = 98400 that would get taxed.

If you don't mind me asking how are you reaching 5.5k?

aspiring · 28 May 2023 at 21:02

ChrisD. said:
Put more into your pension, especially if you get

Jokester said:
£ 5,345.79

Interesting this is also 5.3k