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How much tax per year

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  • How much tax per year

    my tax code is 522L and i earn 11,194 a year before tax.
    do they take 5,220 off that total and only tax me 22% on the remamining 5k?
    They call it PMS because Mad Cow Disease was already taken! :D

  • #2
    I think so.

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    • #3
      http://www.freelanceuk.com/money/paye_calculator.php

      tell you how much tax you should pay
      Its Toasted!

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      • #4
        Until April there's a 10% income tax band too, up to about 10,000 if memory serves me right.

        After April the 10% band is being abolished and the normal rate will be 20%.

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        • #5
          Hey PRETTYgreenEYES,

          For the 2007/8 tax year your basic personal allowance (or tax-free amount) is 5,225, after that you're taxed at the following rates:

          1 - 2,230 at 10%;
          2,231 - 34,600 at 22%;
          Over 34,601 at 40%.

          Have a look at our article on income tax to find out a bit more about it.

          Hope this helps

          Comment


          • #6
            Originally posted by C Funk View Post
            For the 2007/8 tax year your basic personal allowance (or tax-free amount) is 5,225, after that you're taxed at the following rates:

            1 - 2,230 at 10%;
            2,231 - 34,600 at 22%;
            Over 34,601 at 40%.

            Have a look at our article on income tax to find out a bit more about it.


            AFAIK The 10% tax band isnt being completly abolished from April, but the cases it can be used are few and far between.
            I read about the afterlife, but I never really lived...

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            • #7
              i hate tax
              someone had to say it. lol
              Good judgement comes from experience.
              Experience comes from bad judgement.

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