This Salary and Tax Calculator is provided to illustrate how Boris Johnsons planned changes to the higher Rate Income Tax Threshold will affect a £ 42,000.00 Salary (£42K Salary). The illustration also includes an overview of a current 2023 salary example for £ 42,000.00 and an salary example for £ 42,000.00 if the personal allowance were to be increase to £30k (a solution which would affect all tax ayers, not just those who earner over £50k.
What | Current (2019) | Boris £80k Higher Rate Threshold | iCalculator™ £30k Personal Allowance |
---|---|---|---|
Net Pay | 27687.84 | 28142.88 | 24162.88 |
Difference | n/a | 455.04 | -3524.96 |
Take Home | 65.92% | 67.01% | 57.53% |
You can see a detailed salary overview for each of these calculations below.
In order to provide a like-for-like salary comparison against our three tax scenarios, we have used the following defaults:
Yearly | Monthly | 4 Weekly | 2 Weekly | Weekly | Daily | Hourly | %1 | |
---|---|---|---|---|---|---|---|---|
Gross Income | 42,000.00 | 3,500.00 | 3,230.77 | 1,615.38 | 807.69 | 166.01 | 23.08 | 100.00% |
Adjusted Gross Income2 | 39,900.00 | 3,325.00 | 3,069.23 | 1,534.62 | 767.31 | 157.71 | 21.92 | 95.00% |
Company Pension: Employee | 2,100.00 | 175.00 | 161.54 | 80.77 | 40.38 | 8.30 | 1.15 | 5.00% |
Company Pension: Employer | 1,260.00 | 105.00 | 96.92 | 48.46 | 24.23 | 4.98 | 0.69 | 3.00% |
Taxable Pay | 39,900.00 | 3,325.00 | 3,069.23 | 1,534.62 | 767.31 | 157.71 | 21.92 | 95.00% |
Tax Due [PAYE] | 8,460.00 | 705.00 | 650.77 | 325.38 | 162.69 | 33.44 | 4.65 | 20.14% |
National Insurance | 3,752.16 | 312.68 | 288.63 | 144.31 | 72.16 | 14.83 | 2.06 | 8.93% |
Total Pay Deductions | 14,312.16 | 1,192.68 | 1,100.94 | 550.47 | 275.23 | 56.57 | 7.86 | 34.08% |
Net Pay | 27,687.84 | 2,307.32 | 2,129.83 | 1,064.92 | 532.46 | 109.44 | 15.21 | 65.92% |
Employers NIC Contribution | 4,314.98 | 359.58 | 331.92 | 165.96 | 82.98 | 17.06 | 2.37 | 10.27% |
Salary Package [Cost of Employee] | 47,574.98 | 3,964.58 | 3,659.61 | 1,829.81 | 914.90 | 188.04 | 26.14 | 113.27% |
1 Percentage expressed in relation to Gross Income [£ 39,900.00].
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Yearly | Monthly | 4 Weekly | 2 Weekly | Weekly | Daily | Hourly | %1 | |
---|---|---|---|---|---|---|---|---|
Gross Income | 42,000.00 | 3,500.00 | 3,230.77 | 1,615.38 | 807.69 | 166.01 | 23.08 | 100.00% |
Adjusted Gross Income2 | 39,900.00 | 3,325.00 | 3,069.23 | 1,534.62 | 767.31 | 157.71 | 21.92 | 95.00% |
Company Pension: Employee | 2,100.00 | 175.00 | 161.54 | 80.77 | 40.38 | 8.30 | 1.15 | 5.00% |
Company Pension: Employer | 1,260.00 | 105.00 | 96.92 | 48.46 | 24.23 | 4.98 | 0.69 | 3.00% |
Taxable Pay | 39,900.00 | 3,325.00 | 3,069.23 | 1,534.62 | 767.31 | 157.71 | 21.92 | 95.00% |
Tax Due [PAYE] | 7,980.00 | 665.00 | 613.85 | 306.92 | 153.46 | 31.54 | 4.38 | 19.00% |
National Insurance | 3,777.12 | 314.76 | 290.55 | 145.27 | 72.64 | 14.93 | 2.08 | 8.99% |
Total Pay Deductions | 13,857.12 | 1,154.76 | 1,065.93 | 532.97 | 266.48 | 54.77 | 7.61 | 32.99% |
Net Pay | 28,142.88 | 2,345.24 | 2,164.84 | 1,082.42 | 541.21 | 111.24 | 15.46 | 67.01% |
Employers NIC Contribution | 4,343.69 | 361.97 | 334.13 | 167.06 | 83.53 | 17.17 | 2.39 | 10.34% |
Salary Package [Cost of Employee] | 47,603.69 | 3,966.97 | 3,661.82 | 1,830.91 | 915.46 | 188.16 | 26.16 | 113.34% |
1 Percentage expressed in relation to Gross Income [£ 39,900.00].
Yearly | Monthly | 4 Weekly | 2 Weekly | Weekly | Daily | Hourly | %1 | |
---|---|---|---|---|---|---|---|---|
Gross Income | 42,000.00 | 3,500.00 | 3,230.77 | 1,615.38 | 807.69 | 166.01 | 23.08 | 100.00% |
Adjusted Gross Income2 | 39,900.00 | 3,325.00 | 3,069.23 | 1,534.62 | 767.31 | 157.71 | 21.92 | 95.00% |
Company Pension: Employee | 2,100.00 | 175.00 | 161.54 | 80.77 | 40.38 | 8.30 | 1.15 | 5.00% |
Company Pension: Employer | 1,260.00 | 105.00 | 96.92 | 48.46 | 24.23 | 4.98 | 0.69 | 3.00% |
Taxable Pay | 39,900.00 | 3,325.00 | 3,069.23 | 1,534.62 | 767.31 | 157.71 | 21.92 | 95.00% |
Tax Due [PAYE] | 11,960.00 | 996.67 | 920.00 | 460.00 | 230.00 | 47.27 | 6.57 | 28.48% |
National Insurance | 3,777.12 | 314.76 | 290.55 | 145.27 | 72.64 | 14.93 | 2.08 | 8.99% |
Total Pay Deductions | 17,837.12 | 1,486.43 | 1,372.09 | 686.04 | 343.02 | 70.50 | 9.80 | 42.47% |
Net Pay | 24,162.88 | 2,013.57 | 1,858.68 | 929.34 | 464.67 | 95.51 | 13.28 | 57.53% |
Employers NIC Contribution | 4,343.69 | 361.97 | 334.13 | 167.06 | 83.53 | 17.17 | 2.39 | 10.34% |
Salary Package [Cost of Employee] | 47,603.69 | 3,966.97 | 3,661.82 | 1,830.91 | 915.46 | 188.16 | 26.16 | 113.34% |
1 Percentage expressed in relation to Gross Income [£ 39,900.00].
Boris Johnsons Plan for changes to the Higher Rate Tax Threshold
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