Help Please - Tax Computation
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Please could someone help me. I have to do a tax compution which includes a pension scheme.
Question: Max is employed as an adminstrator at a basic gross salary of £23,500 per year. Out of this his employer deducts £100 per month contribution to an approved pension scheme Max Piad £5,533 under PAYE.
How do i work this out?
Question: Max is employed as an adminstrator at a basic gross salary of £23,500 per year. Out of this his employer deducts £100 per month contribution to an approved pension scheme Max Piad £5,533 under PAYE.
How do i work this out?
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Comments
-
Salary 23500
less occupational pension (1200)
Total 22300
P.A (5225)
Total 17075
2230@10% = 223
14845@22% = 3265.9
Tax liability 3488.9
PAYE (5533)
Tax Repayable (2044)
well i have gone through the question with full concentration i hope so this is the right answer firstly its an occupational pension scheme so we dont have to extend the basic rate band
2ndly £100 contripution is for 1 month so we divide that with 120
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