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How much tax per year
Former Member
Posts: 1,876,323 The Mix Honorary Guru
in Work & Study
my tax code is 522L and i earn 11,194 a year before tax.
do they take 5,220 off that total and only tax me 22% on the remamining 5k?
do they take 5,220 off that total and only tax me 22% on the remamining 5k?
0
Comments
tell you how much tax you should pay
After April the 10% band is being abolished and the normal rate will be 20%.
For the 2007/8 tax year your basic personal allowance (or tax-free amount) is £5,225, after that you're taxed at the following rates:
£1 - £2,230 at 10%;
£2,231 - £34,600 at 22%;
Over £34,601 at 40%.
Have a look at our article on income tax to find out a bit more about it.
Hope this helps
:thumb:
:yes:
AFAIK The 10% tax band isnt being completly abolished from April, but the cases it can be used are few and far between.
someone had to say it. lol