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Income tax on bonus.

Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
in Home, Law & Money
Does anyone know how much (as a percentage) i will get taxed on my bonus ?

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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    The usual tax bands apply.
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Ive got no idea what they are and really busy at work to bother looking. :p

    Can you find them for me please !? :D

    *begs*
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    clicky

    you need to add your tax free allowance onto the actual bands though - so it pushes teh 40% tax band further up towards £40K.
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    thanks....but i really am stupid at the whole taxes thing. I fall into the 2nd category (between 2K and 33K).

    Does it mean i will have 10% of my bouns stolen by them ??

    :blush:
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    No 22%

    But it works like this the first 5K you don't get taxed on - then for the next 2K you get taxed at 10%

    Then for everything you earn above that you get taxed at 22%

    I have made you a file - to work out how much you will get taxed on it change the ammounts for your current salary and bonus.

    However my brain wont' allow me to work out how much you need to pay if it pushes you over into the 40% bracket - I may well have a think and revise - clearly i'm putting off writing a not very nice email...
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Leg end ¬!!!! :thumb:
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Sorry to be a pain Wytrey, but dont forget the 11.5% (I think!) NIC and any student loan at 9% if phoniex has one. Good spreadsheet though.
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Your totally right i rememberd that in the shower this morning well about the NIC not the student loan because i'm only old student loan system! I'm such a nerd i've been thinking about how to make the spreadsheet work perfectly as well - If I get bored at lunch time I may revise it!
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Wyetry wrote: »
    Your totally right i rememberd that in the shower this morning well about the NIC not the student loan because i'm only old student loan system! I'm such a nerd i've been thinking about how to make the spreadsheet work perfectly as well - If I get bored at lunch time I may revise it!
    The fact I remembered the percentages as well is really bad, all the payroll I do is fully automated. :o
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    I work for HMRC I KNow Boo hiss!

    The current tax rate in the uk is 20% there is no 10% rate band any more and the basic personal allowance ie the amount per year you are allowed to earn before you start to pay tax is £6035. If you are paid monthly divide by 12 ie £503 per month weekly is by 52 ie £116 before you pay tax so if your income is over these amounts your bonus will be taxed at 20%. Hope this helps any tax queries to me, and all I ask for in return is help to understand my sons cannabis habit.
    :)
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Cymrulass wrote: »
    The current tax rate in the uk is 20% there is no 10% rate band any more and the basic personal allowance ie the amount per year you are allowed to earn before you start to pay tax is £6035. If you are paid monthly divide by 12 ie £503 per month weekly is by 52 ie £116 before you pay tax so if your income is over these amounts your bonus will be taxed at 20%. Hope this helps any tax queries to me, and all I ask for in return is help to understand my sons cannabis habit.
    :)

    That's probably useful information, but this thread is 2 years old, so the stuff was true at the time.
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