PAYE (on £55,000, Tax code 1257L, Fiscal Year 2023/2024)
| Band | Rate | Lower Limit | Upper Limit | Tax |
|---|---|---|---|---|
| Basic rate | 20% | 0 | £37,700 | £7,540 |
| Higher rate | 40% | £37,700 | £125,140 | £1,892 |
| Additional rate | 45% | £125,140 | - | £0 |
| Total Tax: | £9,432 |
Employees NI (on £55,000, Fiscal Year 2023/2024)
| Band | Rate | Lower Limit | Upper Limit | Tax |
|---|---|---|---|---|
| Primary threshold | 0% | 0 | £242 | 0 |
| rate below upper earnings limit | 12% | £242 | £967 | £4,524 |
| rate above upper earnings limit | 2% | £967 | - | £94 |
| Total Tax: | £4,618 |