Boris Johnson Tax Calculator - £ 34,000.00 Salary Example (£34K 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 £ 34,000.00 Salary (£34K Salary). The illustration also includes an overview of a current 2023 salary example for £ 34,000.00 and an salary example for £ 34,000.00 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.

£ 34,000.00 Salary Comparison

What	Current (2019)	Boris £80k Higher Rate Threshold	iCalculator™ £30k Personal Allowance
Net Pay	22999.84	22974.88	20514.88
Difference	n/a	-24.959999999999	-2484.96
Take Home	67.65%	67.57%	60.34%

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:

1. Annual Salary before tax: £ 34,000.00
2. The individual is part of a company pension scheme
   1. An Employer Pension Contribution of 5% has been applied
   2. An Employee Pension Contribution of 3% has been applied
3. A standard tax code has been used
4. Salary is calculated over a full tax year
5. There are no salary sacrifice options included
6. There are no special National Insurance Contibutions rules /exemptions (Employer or Employee)

2023 Salary Example for £ 34,000.00 (Current)

£ 34,000.00 Salary Example 2023/24 Tax Year

	Yearly	Monthly	4 Weekly	2 Weekly	Weekly	Daily	Hourly	%1
Gross Income	34,000.00	2,833.33	2,615.38	1,307.69	653.85	134.39	18.68	100.00%
Adjusted Gross Income2	32,300.00	2,691.67	2,484.62	1,242.31	621.15	127.67	17.75	95.00%
Company Pension: Employee	1,700.00	141.67	130.77	65.38	32.69	6.72	0.93	5.00%
Company Pension: Employer	1,020.00	85.00	78.46	39.23	19.62	4.03	0.56	3.00%
Taxable Pay	32,300.00	2,691.67	2,484.62	1,242.31	621.15	127.67	17.75	95.00%
Tax Due [PAYE]	6,460.00	538.33	496.92	248.46	124.23	25.53	3.55	19.00%
National Insurance	2,840.16	236.68	218.47	109.24	54.62	11.23	1.56	8.35%
Total Pay Deductions	11,000.16	916.68	846.17	423.08	211.54	43.48	6.04	32.35%
Net Pay	22,999.84	1,916.65	1,769.22	884.61	442.30	90.91	12.64	67.65%
Employers NIC Contribution	3,266.18	272.18	251.24	125.62	62.81	12.91	1.79	9.61%
Salary Package [Cost of Employee]	38,286.18	3,190.52	2,945.09	1,472.55	736.27	151.33	21.04	112.61%

¹ Percentage expressed in relation to Gross Income [£ 32,300.00].

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2023 Salary Example for £ 34,000.00 (Planned by Boris Johnson)

£ 34,000.00 Salary Example 2023/24 Tax Year (Planned by Boris Johnson)

	Yearly	Monthly	4 Weekly	2 Weekly	Weekly	Daily	Hourly	%1
Gross Income	34,000.00	2,833.33	2,615.38	1,307.69	653.85	134.39	18.68	100.00%
Adjusted Gross Income2	32,300.00	2,691.67	2,484.62	1,242.31	621.15	127.67	17.75	95.00%
Company Pension: Employee	1,700.00	141.67	130.77	65.38	32.69	6.72	0.93	5.00%
Company Pension: Employer	1,020.00	85.00	78.46	39.23	19.62	4.03	0.56	3.00%
Taxable Pay	32,300.00	2,691.67	2,484.62	1,242.31	621.15	127.67	17.75	95.00%
Tax Due [PAYE]	6,460.00	538.33	496.92	248.46	124.23	25.53	3.55	19.00%
National Insurance	2,865.12	238.76	220.39	110.20	55.10	11.32	1.57	8.43%
Total Pay Deductions	11,025.12	918.76	848.09	424.04	212.02	43.58	6.06	32.43%
Net Pay	22,974.88	1,914.57	1,767.30	883.65	441.82	90.81	12.62	67.57%
Employers NIC Contribution	3,294.89	274.57	253.45	126.73	63.36	13.02	1.81	9.69%
Salary Package [Cost of Employee]	38,314.89	3,192.91	2,947.30	1,473.65	736.82	151.44	21.05	112.69%

¹ Percentage expressed in relation to Gross Income [£ 32,300.00].

2023 Salary Example for £ 34,000.00 (Suggested by iCalculator)

£ 34,000.00 Salary Example 2023/24 Tax Year (Suggested by iCalculator)

	Yearly	Monthly	4 Weekly	2 Weekly	Weekly	Daily	Hourly	%1
Gross Income	34,000.00	2,833.33	2,615.38	1,307.69	653.85	134.39	18.68	100.00%
Adjusted Gross Income2	32,300.00	2,691.67	2,484.62	1,242.31	621.15	127.67	17.75	95.00%
Company Pension: Employee	1,700.00	141.67	130.77	65.38	32.69	6.72	0.93	5.00%
Company Pension: Employer	1,020.00	85.00	78.46	39.23	19.62	4.03	0.56	3.00%
Taxable Pay	32,300.00	2,691.67	2,484.62	1,242.31	621.15	127.67	17.75	95.00%
Tax Due [PAYE]	8,920.00	743.33	686.15	343.08	171.54	35.26	4.90	26.24%
National Insurance	2,865.12	238.76	220.39	110.20	55.10	11.32	1.57	8.43%
Total Pay Deductions	13,485.12	1,123.76	1,037.32	518.66	259.33	53.30	7.41	39.66%
Net Pay	20,514.88	1,709.57	1,578.07	789.03	394.52	81.09	11.27	60.34%
Employers NIC Contribution	3,294.89	274.57	253.45	126.73	63.36	13.02	1.81	9.69%
Salary Package [Cost of Employee]	38,314.89	3,192.91	2,947.30	1,473.65	736.82	151.44	21.05	112.69%

¹ Percentage expressed in relation to Gross Income [£ 32,300.00].

Further Reading

Boris Johnsons Plan for changes to the Higher Rate Tax Threshold

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