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Does anyone know what the standard tax rate is on wages please?

Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
any advice wuold be mych appreciated, ta :D

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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Yeah I'd like to know this too. I think I'm getting taxed too much!
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Can't remember the exact rate. But most people are on twenty-something percent, which means that by the time you add NI contributions you kiss goodbye to almost a quarter of your wages.

    Mr_Wobble ;)
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Well, you have a tax allowance which is your money that you do not pay tax on.

    Then its 10% of your earnings up to 1920
    22% of earnings from 1921 to 29900
    40% of anything over 29900
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Originally posted by Mist
    Well, you have a tax allowance which is your money that you do not pay tax on.

    Then its 10% of your earnings up to 1920
    22% of earnings from 1921 to 29900
    40% of anything over 29900
    cheers, Mist, do you know what the NI is too?

    and for high earners its a bloody lot!! 40% is nearly half!!!!
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Originally posted by VinylVicky
    cheers, Mist, do you know what the NI is too?

    and for high earners its a bloody lot!! 40% is nearly half!!!!

    No. It's somewhere between 1 and 5%. But it's not as simple as that.
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    SkiveSkive Posts: 15,286 Skive's The Limit
    Originally posted by Mist
    Well, you have a tax allowance which is your money that you do not pay tax on.

    Then its 10% of your earnings up to 1920
    22% of earnings from 1921 to 29900
    40% of anything over 29900

    :yes:

    Your tax code will tell you how much you're allowed to earn untaxed a year.

    For instance if you tax code was 498L

    That means that you're allowed to earn £4989 per year untaxed. the L means you're single but I don't think that affects things anymore. My parents both used to be inland revenue and I'll check with them when I see them later!
    Weekender Offender 
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Originally posted by Skive
    :Your tax code will tell you how much you're allowed to earn untaxed a year.

    For instance if you tax code was 498L

    That means that you're allowed to earn £4989 per year untaxed.

    Ah you're so clever :love: lol Mine's 461L, are some people allowed more than others allowance then?
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    errr i think if your on that silly BR thing then it's about 22% of everything you earn, until you get your tax code sorted

    most people have a tax code of about 498L which means you can earn £4980 before tax, my dads code is 19L!! which means £190 before tax! gah the government suck!
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    SkiveSkive Posts: 15,286 Skive's The Limit
    Originally posted by Stinger
    most people have a tax code of about 498L which means you can earn £4980 before tax

    It means you can earn £4989 actually! :D Nine quid may not seem like much but think of it in Stella :yum: that's 3 pints!
    Weekender Offender 
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Originally posted by Skive
    It means you can earn £4989 actually! :D Nine quid may not seem like much but think of it in Stella :yum: that's 3 pints!
    3 and a half @ happy hour...you now got me thinking of my best mate stella....NEED. STELLA.
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Nine quid may not seem like much but think of it in Stella :yum: that's 3 pints!

    or between 9-18 pints of carling at the Union bar during happy hour......god bless us students :D
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Go to the politics forum, everyone there knows everything you could ever know about tax :)
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