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Graham88

Member

Registered: 16th Apr 07
Location: South East Kent Drives: E46 M3
User status: Offline

2nd Jan 08 at 20:37

You do realise you only get taxed on the money that's over the tax bracket? Not the whole thing? Otherwise if you earned 35k and got a 2k payrise you'd end up earning less...

Colin

Member

Registered: 4th Apr 02
User status: Offline

2nd Jan 08 at 20:44

quote:
Originally posted by Graham88
You do realise you only get taxed on the money that's over the tax bracket? Not the whole thing? Otherwise if you earned 35k and got a 2k payrise you'd end up earning less...

Obviously or no one would want a pay rise

Russ

Member

Registered: 14th Mar 04
Location: Armchair
User status: Offline

2nd Jan 08 at 21:38

quote:
Originally posted by Graham88
You do realise you only get taxed on the money that's over the tax bracket? Not the whole thing? Otherwise if you earned 35k and got a 2k payrise you'd end up earning less...

i know how it works, i just thought you'd get more lol

whitter45

Member

Registered: 15th Nov 02
Location: Norton
User status: Offline

2nd Jan 08 at 21:44

quote:
Originally posted by Graham88
You do realise you only get taxed on the money that's over the tax bracket? Not the whole thing? Otherwise if you earned 35k and got a 2k payrise you'd end up earning less...

yes I know that but when you think nearly half of what you earn over the 37k goes to the tax man plus NI plus pension its really not worth it if your getting it on OT

If thats your salary then its fine

Graham88

Member

Registered: 16th Apr 07
Location: South East Kent Drives: E46 M3
User status: Offline

2nd Jan 08 at 23:36

quote:
Originally posted by Colin

quote:
Originally posted by Graham88
You do realise you only get taxed on the money that's over the tax bracket? Not the whole thing? Otherwise if you earned 35k and got a 2k payrise you'd end up earning less...

Obviously or no one would want a pay rise

Exactly. I just wondered if u realised that

Phil321

Member

Registered: 10th Mar 01
Location: Manchester
User status: Offline

4th Jan 08 at 09:17

quote:
Originally posted by whitter45

quote:
Originally posted by Graham88
You do realise you only get taxed on the money that's over the tax bracket? Not the whole thing? Otherwise if you earned 35k and got a 2k payrise you'd end up earning less...

yes I know that but when you think nearly half of what you earn over the 37k goes to the tax man plus NI plus pension its really not worth it if your getting it on OT

If thats your salary then its fine

40% tax payers pay only 1% NI instead of the usual 11%.

The net difference is not as great as many people think and certainly not a valid reason to modify work patterns.

Ant

Member

Registered: 12th May 02
Location: Hereford and Worcester
User status: Offline

4th Jan 08 at 10:36

i earn a fair amount when i talk about it yearly but dont see all that much at the end of the month as i get paid 4 weekly roughly 28k looks like this to me

gross 2280
TAX 392
NI 206
SLOAN 100
NET 1582

however as it is 4 weekly i get paid 13 times a year which should look like an extra £130 a month but i never seem to find that extra pay packet.

Member

Registered: 5th Jul 00
Location: Aberdeen City
User status: Offline

4th Jan 08 at 17:04

load of shite...

folk not working that extra day etc to save on tax

You are'nt saving anything

Its 40% above the lower bracket...

so you get your 3k or whatever tax free, then upto whatever (36k) at whatever % (22 is it?), above that is 40%

I'm losing about 2k a month on NI, Tax etc.... sickening.

and there are many many reasons for people being skint

Fee and I must have near 8k before tax a month.... but we've been pretty much skint for the last year

mattk

Member

Registered: 27th Feb 06
Location: St. Helens
User status: Offline

5th Jan 08 at 15:47

We also dont like working and like having a day off in the week

normally a wednesday, breaks the week up nicely

Member

Registered: 5th Jul 00
Location: Aberdeen City
User status: Offline

5th Jan 08 at 22:07

stupid

Member

Registered: 5th Jul 00
Location: Aberdeen City
User status: Offline

5th Jan 08 at 22:12

This tax year (2007-2008), the basic personal allowance - or tax-free amount - is £5,225. You may be entitled to a higher personal allowance if you are 65 or over.

After your tax-free allowance (and any deductible allowances and reliefs) have been taken into account, the amount of tax you pay is calculated using different tax rates and a series of tax bands.
Income Tax rates 2007-2008 by tax band and type of income

£1 to £2,230

Starting rate: 10%

£2,231 to £34,600

Basic rate: 22%

£34,601 and above

Higher rate: 40%

Remember, the tax band applies to your income after tax allowances and any reliefs have been taken into account; you're not taxed on all of your income.

'Earned income' includes income from employment or self-employment, most pension income and rental income.

'Dividends' means income from shares in UK companies.

Savings and dividend income is added to your other taxable income and taxed last. This means you pay tax on these sorts of income based on your highest Income Tax band.

Colin

Member

Registered: 4th Apr 02
User status: Offline

5th Jan 08 at 23:12

Ah so your 20% tax goes for the 1st 34600....after your tax free income?? Does that mean if im on say 45k im only taxed 40% on say just short of £5k??

Member

Registered: 5th Jul 00
Location: Aberdeen City
User status: Offline

6th Jan 08 at 00:14

yes

Ian

Site Administrator

Registered: 28th Aug 99
Location: Liverpool
User status: Offline

6th Jan 08 at 02:23

I've no idea what I spent money on when I was at home. I've heard people in work say they are skint and live at home - no idea how these people are going to manage a property!

IvIarkgraham

Premium Member

Registered: 27th Mar 04
Location: Ellesmere Port, Cheshire
User status: Offline

6th Jan 08 at 03:00

i was the same ian. never had loads of money when i lived at home but i havnt really notice all that much of a difference now ive bought a house

i still go to the pub every weekend but instead of losing £40 a week for rent its £135 a week on a mortgage

i must be better with money that i thought coz i used to own and run a car on a part time wage too

mattk

Member

Registered: 27th Feb 06
Location: St. Helens
User status: Offline

6th Jan 08 at 03:15

people keep calling me a spoilt bastard for having my car, it unny costs me £30 quid a week

IvIarkgraham

Premium Member

Registered: 27th Mar 04
Location: Ellesmere Port, Cheshire
User status: Offline

6th Jan 08 at 03:18

thats cheap. that insurance too?

mattk

Member

Registered: 27th Feb 06
Location: St. Helens
User status: Offline

6th Jan 08 at 03:22

nahh I pay insurance in 1 payment, I save up a bit

IvIarkgraham

Premium Member

Registered: 27th Mar 04
Location: Ellesmere Port, Cheshire
User status: Offline

6th Jan 08 at 03:27

ah right fair enough

supposed crap fiats dont cost much to buy

mattk

Member

Registered: 27th Feb 06
Location: St. Helens
User status: Offline

6th Jan 08 at 03:29

not really, I speced it up on Fiat.co.uk and it was near £15k

18 months on I paid £8495 for it

the resale valuse is apauling

the options are worth fuck all

IvIarkgraham

Premium Member

Registered: 27th Mar 04
Location: Ellesmere Port, Cheshire
User status: Offline

6th Jan 08 at 03:31

should have bought my car

mattk

Member

Registered: 27th Feb 06
Location: St. Helens
User status: Offline

6th Jan 08 at 03:34

Too quick, I cant handle anything sub 9 secs to 60