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?
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Thread: How much tax per year
23-01-2008 02:39 PM #1
How much tax per yearThey call it PMS because Mad Cow Disease was already taken!
23-01-2008 02:49 PM #2
I think so.
23-01-2008 02:51 PM #3
tell you how much tax you should payIts Toasted!
23-01-2008 02:56 PM #4closed
- Join Date
- May 2001
- Newcastle upon Tyne
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%.
24-01-2008 05:49 PM #5
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
24-01-2008 09:31 PM #6TheSite.org Elder
- Join Date
- Feb 2005
24-01-2008 10:00 PM #7
i hate tax
someone had to say it. lolGood judgement comes from experience.
Experience comes from bad judgement.