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Boris Johnson Tax Calculator - £ 72,000.00 Salary Example (£72K Salary)
This Salary and Tax Calculator is provided to illustrate how Boris Johnsons planned changes to the higher Rate Income Tax Threshold will affect a £ 72,000.00 Salary (£72K Salary). The illustration also includes an overview of a current 2023 salary example for £ 72,000.00 and an salary example for £ 72,000.00 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 | 43205.44 | 49544.48 | 40044.48 |
| Difference | n/a | 6339.04 | -3160.96 |
| Take Home | 60.01% | 68.81% | 55.62% |
You can see a detailed salary overview for each of these calculations below.
About the Boris Johnson Salary Examples
In order to provide a like-for-like salary comparison against our three tax scenarios, we have used the following defaults:
- Annual Salary before tax: £ 72,000.00
- The individual is part of a company pension scheme
- An Employer Pension Contribution of 5% has been applied
- An Employee Pension Contribution of 3% has been applied
- A standard tax code has been used
- Salary is calculated over a full tax year
- There are no salary sacrifice options included
- There are no special National Insurance Contibutions rules /exemptions (Employer or Employee)
2023 Salary Example for £ 72,000.00 (Current)
| Yearly | Monthly | 4 Weekly | 2 Weekly | Weekly | Daily | Hourly | %1 | |
|---|---|---|---|---|---|---|---|---|
| Gross Income | 72,000.00 | 6,000.00 | 5,538.46 | 2,769.23 | 1,384.62 | 284.58 | 39.56 | 100.00% |
| Adjusted Gross Income2 | 68,400.00 | 5,700.00 | 5,261.54 | 2,630.77 | 1,315.38 | 270.36 | 37.58 | 95.00% |
| Company Pension: Employee | 3,600.00 | 300.00 | 276.92 | 138.46 | 69.23 | 14.23 | 1.98 | 5.00% |
| Company Pension: Employer | 2,160.00 | 180.00 | 166.15 | 83.08 | 41.54 | 8.54 | 1.19 | 3.00% |
| Taxable Pay | 68,400.00 | 5,700.00 | 5,261.54 | 2,630.77 | 1,315.38 | 270.36 | 37.58 | 95.00% |
| Tax Due [PAYE] | 19,860.00 | 1,655.00 | 1,527.69 | 763.85 | 381.92 | 78.50 | 10.91 | 27.58% |
| National Insurance | 5,334.56 | 444.55 | 410.35 | 205.18 | 102.59 | 21.09 | 2.93 | 7.41% |
| Total Pay Deductions | 28,794.56 | 2,399.55 | 2,214.97 | 1,107.48 | 553.74 | 113.81 | 15.82 | 39.99% |
| Net Pay | 43,205.44 | 3,600.45 | 3,323.50 | 1,661.75 | 830.87 | 170.77 | 23.74 | 60.01% |
| Employers NIC Contribution | 8,247.98 | 687.33 | 634.46 | 317.23 | 158.62 | 32.60 | 4.53 | 11.46% |
| Salary Package [Cost of Employee] | 82,407.98 | 6,867.33 | 6,339.08 | 3,169.54 | 1,584.77 | 325.72 | 45.28 | 114.46% |
1 Percentage expressed in relation to Gross Income [£ 68,400.00].
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2023 Salary Example for £ 72,000.00 (Planned by Boris Johnson)
| Yearly | Monthly | 4 Weekly | 2 Weekly | Weekly | Daily | Hourly | %1 | |
|---|---|---|---|---|---|---|---|---|
| Gross Income | 72,000.00 | 6,000.00 | 5,538.46 | 2,769.23 | 1,384.62 | 284.58 | 39.56 | 100.00% |
| Adjusted Gross Income2 | 68,400.00 | 5,700.00 | 5,261.54 | 2,630.77 | 1,315.38 | 270.36 | 37.58 | 95.00% |
| Company Pension: Employee | 3,600.00 | 300.00 | 276.92 | 138.46 | 69.23 | 14.23 | 1.98 | 5.00% |
| Company Pension: Employer | 2,160.00 | 180.00 | 166.15 | 83.08 | 41.54 | 8.54 | 1.19 | 3.00% |
| Taxable Pay | 68,400.00 | 5,700.00 | 5,261.54 | 2,630.77 | 1,315.38 | 270.36 | 37.58 | 95.00% |
| Tax Due [PAYE] | 13,860.00 | 1,155.00 | 1,066.15 | 533.08 | 266.54 | 54.78 | 7.62 | 19.25% |
| National Insurance | 4,995.52 | 416.29 | 384.27 | 192.14 | 96.07 | 19.75 | 2.74 | 6.94% |
| Total Pay Deductions | 22,455.52 | 1,871.29 | 1,727.35 | 863.67 | 431.84 | 88.76 | 12.34 | 31.19% |
| Net Pay | 49,544.48 | 4,128.71 | 3,811.11 | 1,905.56 | 952.78 | 195.83 | 27.22 | 68.81% |
| Employers NIC Contribution | 8,276.69 | 689.72 | 636.67 | 318.33 | 159.17 | 32.71 | 4.55 | 11.50% |
| Salary Package [Cost of Employee] | 82,436.69 | 6,869.72 | 6,341.28 | 3,170.64 | 1,585.32 | 325.84 | 45.29 | 114.50% |
1 Percentage expressed in relation to Gross Income [£ 68,400.00].
2023 Salary Example for £ 72,000.00 (Suggested by iCalculator)
| Yearly | Monthly | 4 Weekly | 2 Weekly | Weekly | Daily | Hourly | %1 | |
|---|---|---|---|---|---|---|---|---|
| Gross Income | 72,000.00 | 6,000.00 | 5,538.46 | 2,769.23 | 1,384.62 | 284.58 | 39.56 | 100.00% |
| Adjusted Gross Income2 | 68,400.00 | 5,700.00 | 5,261.54 | 2,630.77 | 1,315.38 | 270.36 | 37.58 | 95.00% |
| Company Pension: Employee | 3,600.00 | 300.00 | 276.92 | 138.46 | 69.23 | 14.23 | 1.98 | 5.00% |
| Company Pension: Employer | 2,160.00 | 180.00 | 166.15 | 83.08 | 41.54 | 8.54 | 1.19 | 3.00% |
| Taxable Pay | 68,400.00 | 5,700.00 | 5,261.54 | 2,630.77 | 1,315.38 | 270.36 | 37.58 | 95.00% |
| Tax Due [PAYE] | 23,360.00 | 1,946.67 | 1,796.92 | 898.46 | 449.23 | 92.33 | 12.84 | 32.44% |
| National Insurance | 4,995.52 | 416.29 | 384.27 | 192.14 | 96.07 | 19.75 | 2.74 | 6.94% |
| Total Pay Deductions | 31,955.52 | 2,662.96 | 2,458.12 | 1,229.06 | 614.53 | 126.31 | 17.56 | 44.38% |
| Net Pay | 40,044.48 | 3,337.04 | 3,080.34 | 1,540.17 | 770.09 | 158.28 | 22.00 | 55.62% |
| Employers NIC Contribution | 8,276.69 | 689.72 | 636.67 | 318.33 | 159.17 | 32.71 | 4.55 | 11.50% |
| Salary Package [Cost of Employee] | 82,436.69 | 6,869.72 | 6,341.28 | 3,170.64 | 1,585.32 | 325.84 | 45.29 | 114.50% |
1 Percentage expressed in relation to Gross Income [£ 68,400.00].
Further Reading
Boris Johnsons Plan for changes to the Higher Rate Tax Threshold
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