This will then tell you how much you will take home annually and monthly, as well as how much national insurance and income tax you will pay per year.
For example, someone aged under 66, earning a salary of £30,000 and paying a pension contribution of 5% per month would see the following for the 2022/23 tax year.
- Net salary – £22,915
- Income tax paid – £3,186
- National Insurance – £2,399
- Until July he would bring in £1,887 a month
- After July he would bring in £1,917 a month
The change after July is due to a change in the threshold at which employees begin to contribute to national insurance. This came into force on July 1, 2022.