Not Financial Advice: Assuming that you're under 64 years of age, your monthly net pay will be £1481.48. See the figures below:
SUMMARY FOR TAX YEAR 2013/2014
- Gross Salary - £22000.00
- Pension - £0.00
- Allowance - £9440.00
- Taxable Amount - £12560.00
INCOME TAX AND NATIONAL INSURANCE
- Total Income Tax - £2512.00
- National Insurance - £1710.24
- Net Pay - £17777.76
- Net Pay (month) - £1481.48
The information presented above is for guidance purposes only. You should contact your employer or local tax office to verify the figures.
- ALLOWANCE - calculated based on age or tax code. This value represents how much of your salary is tax free.
- TAXABLE AMOUNT - calculated based on your allowance and pension. The value is affected by your age, tax code or pension amount.
- TOTAL INCOME TAX - using the figures supplied by the Inland Revenue and your allowance, this is the amount of tax you’ll pay annually.
- NATIONAL INSURANCE - everyone pays national insurance. This amount is determined using an official Inland Revenue data.
In the news, the minimum wage increased by 12p to £6.31 per hour for those aged over 21. The most recent increase was approved by the Government in April and came into effect on 1 October. See a comparison of European monthly minimum wage at Telegraph.co.uk.