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 2019 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.

Boris Johnson tax Calculator
£34,000.00 Salary Comparison
WhatCurrent (2019)Boris £80k Higher Rate ThresholdiCalculator £30k Personal Allowance
Net Pay25474.8825474.8828974.88
Difference n/a03500
Take Home74.93%74.93%85.22%

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)

2019 Salary Example for £34,000.00 (Current)

£34,000.00 Salary Example 2019/20 Tax Year
YearlyMonthly4 Weekly2 WeeklyWeeklyDailyHourly%1
Gross Income34,000.002,833.332,615.381,307.69653.85134.3918.68100.00%
Adjusted Gross Income232,300.002,691.672,484.621,242.31621.15127.6717.7595.00%
Tax Free Personal Allowance12,500.001,041.67961.54480.77240.3849.416.8736.76%
Company Pension: Employee1,700.00141.67130.7765.3832.696.720.935.00%
Company Pension: Employer1,020.0085.0078.4639.2319.624.030.563.00%
Taxable Pay19,800.001,650.001,523.08761.54380.7778.2610.8858.24%
Tax Due [PAYE]3,960.00330.00304.62152.3176.1515.652.1811.65%
National Insurance2,865.12238.76220.39110.2055.1011.321.578.43%
Total Pay Deductions8,525.12710.43655.78327.89163.9433.704.6825.07%
Net Pay25,474.882,122.911,959.61979.80489.90100.6914.0074.93%

Employers NIC Contribution3,294.89274.57253.45126.7363.3613.021.819.69%
Salary Package [Cost of Employee]38,314.893,192.912,947.301,473.65736.82151.4421.05112.69%

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

2019 Salary Example for £34,000.00 (Planned by Boris Johnson)

£34,000.00 Salary Example 2019/20 Tax Year (Planned by Boris Johnson)
YearlyMonthly4 Weekly2 WeeklyWeeklyDailyHourly%1
Gross Income34,000.002,833.332,615.381,307.69653.85134.3918.68100.00%
Adjusted Gross Income232,300.002,691.672,484.621,242.31621.15127.6717.7595.00%
Tax Free Personal Allowance12,500.001,041.67961.54480.77240.3849.416.8736.76%
Company Pension: Employee1,700.00141.67130.7765.3832.696.720.935.00%
Company Pension: Employer1,020.0085.0078.4639.2319.624.030.563.00%
Taxable Pay19,800.001,650.001,523.08761.54380.7778.2610.8858.24%
Tax Due [PAYE]3,960.00330.00304.62152.3176.1515.652.1811.65%
National Insurance2,865.12238.76220.39110.2055.1011.321.578.43%
Total Pay Deductions8,525.12710.43655.78327.89163.9433.704.6825.07%
Net Pay25,474.882,122.911,959.61979.80489.90100.6914.0074.93%

Employers NIC Contribution3,294.89274.57253.45126.7363.3613.021.819.69%
Salary Package [Cost of Employee]38,314.893,192.912,947.301,473.65736.82151.4421.05112.69%

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

2019 Salary Example for £34,000.00 (Suggested by iCalculator)

£34,000.00 Salary Example 2019/20 Tax Year (Suggested by iCalculator)
YearlyMonthly4 Weekly2 WeeklyWeeklyDailyHourly%1
Gross Income34,000.002,833.332,615.381,307.69653.85134.3918.68100.00%
Adjusted Gross Income232,300.002,691.672,484.621,242.31621.15127.6717.7595.00%
Tax Free Personal Allowance30,000.002,500.002,307.691,153.85576.92118.5816.4888.24%
Company Pension: Employee1,700.00141.67130.7765.3832.696.720.935.00%
Company Pension: Employer1,020.0085.0078.4639.2319.624.030.563.00%
Taxable Pay2,300.00191.67176.9288.4644.239.091.266.76%
Tax Due [PAYE]460.0038.3335.3817.698.851.820.251.35%
National Insurance2,865.12238.76220.39110.2055.1011.321.578.43%
Total Pay Deductions5,025.12418.76386.55193.2796.6419.862.7614.78%
Net Pay28,974.882,414.572,228.841,114.42557.21114.5315.9285.22%

Employers NIC Contribution3,294.89274.57253.45126.7363.3613.021.819.69%
Salary Package [Cost of Employee]38,314.893,192.912,947.301,473.65736.82151.4421.05112.69%

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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