What would my take home wages be.

[Beanmistriss]

Can someone please work out for me what my take home wages would be on a salary of �20,061. My tax code is 541L. Any help would be appriciated, I don't understand it!

[Cakeboy]

Generalising as I don't know if you're paying into a pension or any other sort of benefits etc, and I can't remember if your NI Contribution is taken from your gross pay or your pay after your personal allowance.

i've worked it out as being taken after your personal allowance.

Gross pay = �20,061
Personal allowance = �5435 so taxable pay = �14626

Of that you'll pay income tax at a rate of 20% which takes care of �2925.20 and NI Contributions account for another 11% or �1608.86

In that case, your annual take home pay would be �15,527.04 which equates to a monthly salary of �1293.92 in your bank account each month. Weekly it would work out at �298.59

[Beanmistriss]

Thanks cakeboy :)

[Skyline D]

NI is taken from your gross pay before personal allowance but it's not paid on the first �100 or so per week so it's not a flat 11%. Those two errors more or less offset though so the answer will still be about the same subject to pension contributions, union dues or whatever other works deductions there might be.

Also it's trivial but personal allowance in the example is �5,415, not �5,435,

[dzug]

Assuming you are starting work now for the first time this tax year, you'd actually pay a bit less tax than suggested as your salary for the tax year is going to be around �15K, not the full �20K, but you still get the full year's allowance.

[Beanmistriss]

Thanks guys, thats great :)

[pastafreak]

You can calculate it on this site....http://www.listentotaxman.com/index.php?c=1&yr =2008&exNI=1&age=3&add=0&code=522L&pension=0&t ime=13&ingr=960&vw%5B%5D=yr&vw%5B%5D=mth&vw%5B %5D=wk