Salary calculation question

[dern]

I've been self-employed for a while now so have no idea, given a specific salary, how much I'd get in my hand each month. Can anyone tell me if I was paid 50k a year how much I'd get in my pay packet every month after paying for tax and ni?

Thanks,

Mark

[jimothy]

A quick google will bring up loads of sites with calculators on them...

[alltorque]

yup, like this one: www.i-resign.com/uk/financialcentre/tax_calculator.asp

[muley]

Depends on your tax situation, probably about GBP3,000 per month.

Posted then checked thread, I was about GBP114 out, it seems.

pip pip



>> Edited by muley on Thursday 24th November 11:56

[mr_tony]

obviously depends on your tax code - but takehome would be in the region of 2900 out of the 4166 you are paid. Obviously thats purely on salary. A 50k job + car + benefits will see you taxed a little more heavily of course.

[dern]

Hmm, ok, thanks.

[Eric Mc]

What tax allowances (tax code) do you have?

Do you expect any Benefits in Kind in the employment?

Do you want to claim tax relief on expenses incurred in the employment?

[dern]

Eric Mc said:

What tax allowances (tax code) do you have? Do you expect any Benefits in Kind in the employment? Do you want to claim tax relief on expenses incurred in the employment?

Dunno really, I just wanted to work out how a permanent job's salary would compare with what I'm earning now and the rough figures indicated so far have given me enough of an indication.

[dakkon]

As others have said you would be looking at around 3k in your pocket per month depending on any benefits, pensions contributions and taxes.

[Eric Mc]

The key to calculating your net salary is the PAYE code. The code is fairly standard for most people (489L = annual tax free allowances of £4,895) except it will be adjusted upwards or downwards for benefits, expenses and the collecting or refunding of tax from earlier tax years. That's why I asked

[superlightr]

Hmm drop a line to the following who may help;

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