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Boris Johnson Tax Calculator - £ 24,000.00 Salary Example (£24K 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 £ 24,000.00 Salary (£24K Salary). The illustration also includes an overview of a current 2023 salary example for £ 24,000.00 and an salary example for £ 24,000.00 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 | 16539.84 | 16514.88 | 15954.88 |
| Difference | n/a | -24.959999999999 | -584.96 |
| Take Home | 68.92% | 68.81% | 66.48% |
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: £ 24,000.00
- 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 £ 24,000.00 (Current)
| Yearly | Monthly | 4 Weekly | 2 Weekly | Weekly | Daily | Hourly | %1 | |
|---|---|---|---|---|---|---|---|---|
| Gross Income | 24,000.00 | 2,000.00 | 1,846.15 | 923.08 | 461.54 | 94.86 | 13.19 | 100.00% |
| Adjusted Gross Income2 | 22,800.00 | 1,900.00 | 1,753.85 | 876.92 | 438.46 | 90.12 | 12.53 | 95.00% |
| Company Pension: Employee | 1,200.00 | 100.00 | 92.31 | 46.15 | 23.08 | 4.74 | 0.66 | 5.00% |
| Company Pension: Employer | 720.00 | 60.00 | 55.38 | 27.69 | 13.85 | 2.85 | 0.40 | 3.00% |
| Taxable Pay | 22,800.00 | 1,900.00 | 1,753.85 | 876.92 | 438.46 | 90.12 | 12.53 | 95.00% |
| Tax Due [PAYE] | 4,560.00 | 380.00 | 350.77 | 175.38 | 87.69 | 18.02 | 2.51 | 19.00% |
| National Insurance | 1,700.16 | 141.68 | 130.78 | 65.39 | 32.70 | 6.72 | 0.93 | 7.08% |
| Total Pay Deductions | 7,460.16 | 621.68 | 573.86 | 286.93 | 143.46 | 29.49 | 4.10 | 31.08% |
| Net Pay | 16,539.84 | 1,378.32 | 1,272.30 | 636.15 | 318.07 | 65.37 | 9.09 | 68.92% |
| Employers NIC Contribution | 1,955.18 | 162.93 | 150.40 | 75.20 | 37.60 | 7.73 | 1.07 | 8.15% |
| Salary Package [Cost of Employee] | 26,675.18 | 2,222.93 | 2,051.94 | 1,025.97 | 512.98 | 105.44 | 14.66 | 111.15% |
1 Percentage expressed in relation to Gross Income [£ 22,800.00].
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2023 Salary Example for £ 24,000.00 (Planned by Boris Johnson)
| Yearly | Monthly | 4 Weekly | 2 Weekly | Weekly | Daily | Hourly | %1 | |
|---|---|---|---|---|---|---|---|---|
| Gross Income | 24,000.00 | 2,000.00 | 1,846.15 | 923.08 | 461.54 | 94.86 | 13.19 | 100.00% |
| Adjusted Gross Income2 | 22,800.00 | 1,900.00 | 1,753.85 | 876.92 | 438.46 | 90.12 | 12.53 | 95.00% |
| Company Pension: Employee | 1,200.00 | 100.00 | 92.31 | 46.15 | 23.08 | 4.74 | 0.66 | 5.00% |
| Company Pension: Employer | 720.00 | 60.00 | 55.38 | 27.69 | 13.85 | 2.85 | 0.40 | 3.00% |
| Taxable Pay | 22,800.00 | 1,900.00 | 1,753.85 | 876.92 | 438.46 | 90.12 | 12.53 | 95.00% |
| Tax Due [PAYE] | 4,560.00 | 380.00 | 350.77 | 175.38 | 87.69 | 18.02 | 2.51 | 19.00% |
| National Insurance | 1,725.12 | 143.76 | 132.70 | 66.35 | 33.18 | 6.82 | 0.95 | 7.19% |
| Total Pay Deductions | 7,485.12 | 623.76 | 575.78 | 287.89 | 143.94 | 29.59 | 4.11 | 31.19% |
| Net Pay | 16,514.88 | 1,376.24 | 1,270.38 | 635.19 | 317.59 | 65.28 | 9.07 | 68.81% |
| Employers NIC Contribution | 1,983.89 | 165.32 | 152.61 | 76.30 | 38.15 | 7.84 | 1.09 | 8.27% |
| Salary Package [Cost of Employee] | 26,703.89 | 2,225.32 | 2,054.15 | 1,027.07 | 513.54 | 105.55 | 14.67 | 111.27% |
1 Percentage expressed in relation to Gross Income [£ 22,800.00].
2023 Salary Example for £ 24,000.00 (Suggested by iCalculator)
| Yearly | Monthly | 4 Weekly | 2 Weekly | Weekly | Daily | Hourly | %1 | |
|---|---|---|---|---|---|---|---|---|
| Gross Income | 24,000.00 | 2,000.00 | 1,846.15 | 923.08 | 461.54 | 94.86 | 13.19 | 100.00% |
| Adjusted Gross Income2 | 22,800.00 | 1,900.00 | 1,753.85 | 876.92 | 438.46 | 90.12 | 12.53 | 95.00% |
| Company Pension: Employee | 1,200.00 | 100.00 | 92.31 | 46.15 | 23.08 | 4.74 | 0.66 | 5.00% |
| Company Pension: Employer | 720.00 | 60.00 | 55.38 | 27.69 | 13.85 | 2.85 | 0.40 | 3.00% |
| Taxable Pay | 22,800.00 | 1,900.00 | 1,753.85 | 876.92 | 438.46 | 90.12 | 12.53 | 95.00% |
| Tax Due [PAYE] | 5,120.00 | 426.67 | 393.85 | 196.92 | 98.46 | 20.24 | 2.81 | 21.33% |
| National Insurance | 1,725.12 | 143.76 | 132.70 | 66.35 | 33.18 | 6.82 | 0.95 | 7.19% |
| Total Pay Deductions | 8,045.12 | 670.43 | 618.86 | 309.43 | 154.71 | 31.80 | 4.42 | 33.52% |
| Net Pay | 15,954.88 | 1,329.57 | 1,227.30 | 613.65 | 306.82 | 63.06 | 8.77 | 66.48% |
| Employers NIC Contribution | 1,983.89 | 165.32 | 152.61 | 76.30 | 38.15 | 7.84 | 1.09 | 8.27% |
| Salary Package [Cost of Employee] | 26,703.89 | 2,225.32 | 2,054.15 | 1,027.07 | 513.54 | 105.55 | 14.67 | 111.27% |
1 Percentage expressed in relation to Gross Income [£ 22,800.00].
Further Reading
Boris Johnsons Plan for changes to the Higher Rate Tax Threshold
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