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The Salary Calculator only supports company pensions, and it sounds like yours is a salary sacrifice pension.
#How to pay bonuses quickbooks 2018 desktop plus#
It also depends on whether your pension deduction is 10% of just your salary, or 10% of your salary plus your bonus.
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It’s actually a bit difficult to tell, because it might depend on how big your bonuses have been in previous months. If you check with your line manager or HR department they should be able to explain. However, this might not be what your employer does. When this happened to me with my own employer, they corrected the tax by deducting less in the following month (and each subsequent month was back to normal). Your employer might do the same calculation as The Salary Calculator, and therefore only deduct the correct tax – or they might deduct more tax because it looks like you’re going to earn over the 40% threshold in that tax year. The difference between the amount of tax you pay on £28k and on £31k is used in the “bonus month” column in the calculator to show the correct amount of tax you should pay that month.Īs you point out, though, in that bonus month it can look like you are going to earn a lot more over the year than in fact you will do. £31k) with your “non-bonus” annual income (i.e. The Salary Calculator works out bonus tax (and NI, etc) deductions by comparing your total annual income (i.e. Your employer should be able to explain the deductions they have made, if you have any questions. Hopefully this will match the additional payment your employer has made.įor what it’s worth, if you deduct normal tax at 20% and NI at 12% from £521.93, you get £354.91, which is slightly less than the payment you have been promised. Then add your overtime using the two overtime options (remember to change the overtime rates from 1.5 and 2 if you need to), and see how much more the take-home pay would be in one payslip. This should give you the “normal” take-home pay, before overtime. In which case, you can check this using the Salary Calculator (either the annual salary or hourly wage calculator).Įnter your normal salary / hourly wage, and leave the overtime fields blank. I would imagine that your employer will be trying to pay you the same amount in this additional payment that they would have added to your normal payslip if there had not been any problems. It is hard to say, since the amount of tax and National Insurance (and perhaps student loan, pension etc) that you would be due on this overtime depends on how much you had already been paid for your “normal” hours. Tags: bonus, bonuses, income tax, national insurance, Pay As You Earn, pension, tax rates, The Salary Calculator To get started, click here to check out The Salary Calculator with bonus payments. Similar calculations will be done by your employer if you are paid weekly. Yes, this unfortunately means that you’ll pay a lot of tax, NI and Student Loan that month (boo!) – but some of your bonus will be left for you to enjoy!įor the purposes of displaying the information The Salary Calculator assumes that your salary is normally paid monthly, and shows you what a bonus month would look like compared to a normal month.
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Your employer will work out what extra deductions (tax, National Insurance and Student Loan) will be required that tax year because of this extra payment, and will add these on top of your usual deductions for that month. If you might earn a bonus from your employer one month, you can now use the calculator to see what kind of a difference it will make to your payslip that month.īonuses are typically paid as a one-off extra on top of your usual salary. As requested by a large number of visitors to the site, The Salary Calculator has been updated to allow you to enter bonus payments.