I've just learnt that I am to receive a taxable 500 bonus this month. Yipee!!! How much is the tax on that amount likely to be (I pay basic rate tax at the moment) - is there anywhere I can find out?
Thanks.
Tax on bonus
Apr 08, 2004
6 Replies
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Basically 22% of your 500 is tax so you will get taxed 110, 390 in your hand.
Thanks - not having had a bonus before - I wouldn't have known it was worked out as simply as that!
Don't forget National Insurance at 11%. :(
The "forgotten" tax!!!
Why is such a big deal made about adding or removing a penny in the on income tax, but no one seems to talk much about NI?
That's politics for you. ;-)
Richard Buttrey Grappenhall, Cheshire, UK __________________________
If you are contracted-out (like belonging to your company pension scheme), it's 9.4% :-)
Alec
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