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I like to be on top of my finances (habit from my uni days) because it helps me plan my future etc... so below are some calculations ive done, please feel free to comment:
FIRST THE GROSS INCOME (i.e. before tax)
Hourly rate of £23 (pretty average, easy to achieve)
work a shift of 9.5 hours (i.e. full day no lunch (9am-6:30pm))
That would mean £218.50 per day
Work 5 days a week (dont wanna be greedy do we) results in £1092.50 per week
assuming 6 weeks holiday (as one would in proper employment) results in 46 weeks working
so annual income would be : £50,255
so the above is for working 47.5hrs per week with 6 weeks holiday (these could be days off coz u didnt feel like it)
Please note: 50K is generally easily achievable as even if the pharmacies are open for say 9 hrs or you get an hours lubch break, from some pharmacies you can get rates of £25 or more. £23 is the ultimum minimum really.
NOW NET PAY (AFTER TAX)
here we will take 50k as the minimum income for this bit, so If you were to report all this income to the tax office people like you should, your tax burden at the end of that year would be:
50,000-5250= 44,750 (personal allowance=~5250)
so out of the 44,750 tax deductable first 2250 is 10% = £225.50p
next about £31,250 is taxable at 22%= £6,875
anything ernt above £33,400 is taxable at 40%
so (£50,000-33,400)x0.4= £6,640
so TOTAL TAX= £13,740.50p call it £13,750 to nearest £250
so NET INCOME=£36,250
OVERALL TAX PAID AS % OF INCOME (50k)= 27.5%
(NOTE: the above doesnt include other allowances exempt from tax such as reclaiming VAT on fuel used to travel to work, so the net income would actually be a bit more HOWEVER ive not taken into account taxes such as council tax and TV license (YES its a POLL TAX) etc... also remember you pay VAT on everything you buy including food and electric/gas/water, ~75% cost of fuel you buy is fuel duty and VAT on top of that (a litre of pet actually only costs ~25p), road tax, (car)insurance, congestion charge in london etc...)
wat do people think of my numbers? are they reasonable?
FIRST THE GROSS INCOME (i.e. before tax)
Hourly rate of £23 (pretty average, easy to achieve)
work a shift of 9.5 hours (i.e. full day no lunch (9am-6:30pm))
That would mean £218.50 per day
Work 5 days a week (dont wanna be greedy do we) results in £1092.50 per week
assuming 6 weeks holiday (as one would in proper employment) results in 46 weeks working
so annual income would be : £50,255
so the above is for working 47.5hrs per week with 6 weeks holiday (these could be days off coz u didnt feel like it)
Please note: 50K is generally easily achievable as even if the pharmacies are open for say 9 hrs or you get an hours lubch break, from some pharmacies you can get rates of £25 or more. £23 is the ultimum minimum really.
NOW NET PAY (AFTER TAX)
here we will take 50k as the minimum income for this bit, so If you were to report all this income to the tax office people like you should, your tax burden at the end of that year would be:
50,000-5250= 44,750 (personal allowance=~5250)
so out of the 44,750 tax deductable first 2250 is 10% = £225.50p
next about £31,250 is taxable at 22%= £6,875
anything ernt above £33,400 is taxable at 40%
so (£50,000-33,400)x0.4= £6,640
so TOTAL TAX= £13,740.50p call it £13,750 to nearest £250
so NET INCOME=£36,250
OVERALL TAX PAID AS % OF INCOME (50k)= 27.5%
(NOTE: the above doesnt include other allowances exempt from tax such as reclaiming VAT on fuel used to travel to work, so the net income would actually be a bit more HOWEVER ive not taken into account taxes such as council tax and TV license (YES its a POLL TAX) etc... also remember you pay VAT on everything you buy including food and electric/gas/water, ~75% cost of fuel you buy is fuel duty and VAT on top of that (a litre of pet actually only costs ~25p), road tax, (car)insurance, congestion charge in london etc...)
wat do people think of my numbers? are they reasonable?
and God damn we are that good
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