what is my net monthly wage

dlockers · 28 May 2023 at 21:06

aspiring said:
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?

Salary: 102200
Pension: 316.66 (4% of 95k)
Takehome: £5,503/mo

£102200 gross (95k + 7.2k).
You only pay pension on 95k hence £316/mo or 3800 yearly.

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Some of the other numbers - the difference can come from how Salary Calculator calculates pension contributions. You have to have it set to Employer pension scheme:

aspiring · 28 May 2023 at 21:20

dLockers said:
Salary: 102200
Pension: 316.66 (4% of 95k)
Takehome: £5,503/mo

£102200 gross (95k + 7.2k).
You only pay pension on 95k hence £316/mo or 3800 yearly.

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Some of the other numbers - the difference can come from how Salary Calculator calculates pension contributions. You have to have it set to Employer pension scheme:

But the 4% is salary sacrifice so why would we choose employer? Could you not just put in gross salary as 98.4k and not put in any pensions. In that way salary sacrifice is accounted for?

dlockers · 28 May 2023 at 21:25

aspiring said:
But the 5% is salary sacrifice so why would we choose employer?

Salary sacrifice only saves a tiny bit of NI in this instance; you're still picking up about £5.5k net.

Haze · 29 May 2023 at 05:33

You guys not bored of being trolled still, mind boggles that someone can be smart enough to be in a job where they get paid 100k, but can not work out how to use a salery calculator... Clearly I need to get a job doing what ever op is doing, carnt be that hard

aspiring · 29 May 2023 at 08:18

dLockers said:
Salary sacrifice only saves a tiny bit of NI in this instance; you're still picking up about £5.5k net.

Thank you for your help

Deleted member 77746 · 29 May 2023 at 08:27

102,200k salary and you fail to calculate net.

Absolutely unbelievable.

Mr^B · 29 May 2023 at 08:54

Sub-trolling to another thread. Certainly putting in the leg-work!

aspiring · 29 May 2023 at 09:09

GaryTheSnail said:
102,200k salary and you fail to calculate net.

Absolutely unbelievable.

wanted to double check more than anything. People did calculate as 5.3k but turns out its 5.5k

Deleted member 77746 · 29 May 2023 at 09:11

aspiring said:
wanted to double check more than anything. People did calculate as 5.3k but turns out its 5.5k

How do you know it’s 5.5K?

Malt_Vinegar · 29 May 2023 at 09:15

Thread has served its purpose.
Closing