Bonus Taxes Calculator

January 4, 2012 by staff 

Bonus Taxes Calculator, [] – Tax Calculator Options – Married Couples over state pension age pay no National Insurance and may have a large tax free allowance. NOTE. Only tick this option if you or your spouse were born before 6 April 1935.
Additional allowances are provided for blind taxpayers.
If you are exempt from National Insurance Payments you can tick the NIC exempt option.
CIS / Self Employed – If you are CIS Subcontractor/Self Employed, tick the option so we can include your CLASS 2 and 4 NI’s from CIS/Self Employment work – for CIS these would not have been taken off your statements/vouchers but are due on your tax return.

Student Loan – Did you take out a Student Loan? If paid via PAYE or Self Employed and declaring your earnings via a Self Assessment Tax Return you will pay 9% of any income above £15000 toward repaying your loan.

Age/Sex/State Pension Age – Enter your sex and current age for us to calculate the correct allowances for you. Tick the SPA box if you are at, or will be at, your state pension age within the selected tax year. State pension ages are no longer the default 60 for females, 65 for males and are changing depending upon your date of birth over the next decade. Our state pension age calculator will take your sex and date of birth and let you know when you will reach state pension.

Other Allowances and Deductions – Do you have an additional tax allowance or deduction? Please enter any additional allowance that you have on top of your regular tax free allowance, if you have a deduction please enter it with a minus symbol in front e.g. 1500 for an allowance or -1500 for a deduction.

Tax Codes – If you know your tax code, please enter it and we will calculate based upon that code (Include the letter – i.e. 747L). Make sure you have a valid code, if you on emergency tax, just enter BR. For a list of all tax codes and their related meanings visit our how to calculate tax section.

NIC Letters – Letter Based NIC Calculation is only available for tax year 2009 onwards – otherwise A will be used. If you know your NIC Letter, please enter it so your calculation can be based upon it. We currently accept the A,B,C,D,E,F,G,J,L,S and X letters. The Standard Rate Letter is A, The various contracted out options are letters D, E and L Salary Related, or Money Purchase S, G and F. For a list of all NIC Letters and their related meanings visit our how to calculate tax section.

Pension Contributions – If you have a pension, please enter the amount or percentage you pay regularly into this box. If you enter 5% a month, enter 5%, if you pay £100, please enter 100.

Pension Types – Select the type of Pension you have

Salary Sacrifice – Your employer will reduce your Gross Salary by the Pension amount. This will in turn reduce the amount of tax, national insurance and employers national insurance payable. There is no tax relief to claim as your employer makes the pension contribution for you.
Employers Scheme – Your employer takes your pension contribution from your salary before calculating tax so you receive full tax relief at source – but you still pay NICs on the full amount.
Private Pension – You make payments from your salary to a private pension plan – you are still taxed on the pension payments and pay NICs but can receive tax relief automatically at basic rate into your pension by the pension provider. You will need to claim any higher rate relief via a tax return or by adjusting your tax code.
Tax Year – Select the Tax Year to calculate, Remember the tax year starts 6th April and ends 5th April.

Gross Income – Please select the period and amount you were paid, i.e. If you select month and enter 1000, we will calculate based upon 12000 per year gross income.

Childcare Vouchers Salary Sacrifice – If you have sacrificed some of your salary to allow your employer to purchase childcare vouchers for you, please enter the amount you sacrifice per month in this box. We will calculate the amount of the sacrifice that is allowable as a tax deductible and reduce the tax and national insurance amounts accordingly. For 2011/2012 the calculator assumes you registered for vouchers on or after 6th April 2011.

Annual Bonus – If you receive an annual bonus – please enter the figure here. Bonuses for PAYE are calculated in the same manner as normal PAYE – although we will only calculate the tax and ni due on them.

Amount Taxed – If you have your P60, Final Payslip, P45 or know your total tax paid for the tax year you have chosen, please enter the amount in this box. If you have overpaid tax and a refund is available we will provide the exact figures for you.

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