Menu
Boris Johnson Tax Calculator - £ 50,000.00 Salary Example (£50K 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 £ 50,000.00 Salary (£50K Salary). The illustration also includes an overview of a current 2023 salary example for £ 50,000.00 and an salary example for £ 50,000.00 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 | 31335.84 | 33422.48 | 27922.48 |
| Difference | n/a | 2086.64 | -3413.36 |
| Take Home | 62.67% | 66.84% | 55.84% |
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: £ 50,000.00
- 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 £ 50,000.00 (Current)
| Yearly | Monthly | 4 Weekly | 2 Weekly | Weekly | Daily | Hourly | %1 | |
|---|---|---|---|---|---|---|---|---|
| Gross Income | 50,000.00 | 4,166.67 | 3,846.15 | 1,923.08 | 961.54 | 197.63 | 27.47 | 100.00% |
| Adjusted Gross Income2 | 47,500.00 | 3,958.33 | 3,653.85 | 1,826.92 | 913.46 | 187.75 | 26.10 | 95.00% |
| Company Pension: Employee | 2,500.00 | 208.33 | 192.31 | 96.15 | 48.08 | 9.88 | 1.37 | 5.00% |
| Company Pension: Employer | 1,500.00 | 125.00 | 115.38 | 57.69 | 28.85 | 5.93 | 0.82 | 3.00% |
| Taxable Pay | 47,500.00 | 3,958.33 | 3,653.85 | 1,826.92 | 913.46 | 187.75 | 26.10 | 95.00% |
| Tax Due [PAYE] | 11,500.00 | 958.33 | 884.62 | 442.31 | 221.15 | 45.45 | 6.32 | 23.00% |
| National Insurance | 4,664.16 | 388.68 | 358.78 | 179.39 | 89.70 | 18.44 | 2.56 | 9.33% |
| Total Pay Deductions | 18,664.16 | 1,555.35 | 1,435.70 | 717.85 | 358.93 | 73.77 | 10.26 | 37.33% |
| Net Pay | 31,335.84 | 2,611.32 | 2,410.45 | 1,205.22 | 602.61 | 123.86 | 17.22 | 62.67% |
| Employers NIC Contribution | 5,363.78 | 446.98 | 412.60 | 206.30 | 103.15 | 21.20 | 2.95 | 10.73% |
| Salary Package [Cost of Employee] | 56,863.78 | 4,738.65 | 4,374.14 | 2,187.07 | 1,093.53 | 224.76 | 31.24 | 113.73% |
1 Percentage expressed in relation to Gross Income [£ 47,500.00].
Please provide a rating, it takes seconds and helps us to keep this resource free for all to use
2023 Salary Example for £ 50,000.00 (Planned by Boris Johnson)
| Yearly | Monthly | 4 Weekly | 2 Weekly | Weekly | Daily | Hourly | %1 | |
|---|---|---|---|---|---|---|---|---|
| Gross Income | 50,000.00 | 4,166.67 | 3,846.15 | 1,923.08 | 961.54 | 197.63 | 27.47 | 100.00% |
| Adjusted Gross Income2 | 47,500.00 | 3,958.33 | 3,653.85 | 1,826.92 | 913.46 | 187.75 | 26.10 | 95.00% |
| Company Pension: Employee | 2,500.00 | 208.33 | 192.31 | 96.15 | 48.08 | 9.88 | 1.37 | 5.00% |
| Company Pension: Employer | 1,500.00 | 125.00 | 115.38 | 57.69 | 28.85 | 5.93 | 0.82 | 3.00% |
| Taxable Pay | 47,500.00 | 3,958.33 | 3,653.85 | 1,826.92 | 913.46 | 187.75 | 26.10 | 95.00% |
| Tax Due [PAYE] | 9,500.00 | 791.67 | 730.77 | 365.38 | 182.69 | 37.55 | 5.22 | 19.00% |
| National Insurance | 4,577.52 | 381.46 | 352.12 | 176.06 | 88.03 | 18.09 | 2.52 | 9.16% |
| Total Pay Deductions | 16,577.52 | 1,381.46 | 1,275.19 | 637.60 | 318.80 | 65.52 | 9.11 | 33.16% |
| Net Pay | 33,422.48 | 2,785.21 | 2,570.96 | 1,285.48 | 642.74 | 132.10 | 18.36 | 66.84% |
| Employers NIC Contribution | 5,392.49 | 449.37 | 414.81 | 207.40 | 103.70 | 21.31 | 2.96 | 10.78% |
| Salary Package [Cost of Employee] | 56,892.49 | 4,741.04 | 4,376.35 | 2,188.17 | 1,094.09 | 224.87 | 31.26 | 113.78% |
1 Percentage expressed in relation to Gross Income [£ 47,500.00].
2023 Salary Example for £ 50,000.00 (Suggested by iCalculator)
| Yearly | Monthly | 4 Weekly | 2 Weekly | Weekly | Daily | Hourly | %1 | |
|---|---|---|---|---|---|---|---|---|
| Gross Income | 50,000.00 | 4,166.67 | 3,846.15 | 1,923.08 | 961.54 | 197.63 | 27.47 | 100.00% |
| Adjusted Gross Income2 | 47,500.00 | 3,958.33 | 3,653.85 | 1,826.92 | 913.46 | 187.75 | 26.10 | 95.00% |
| Company Pension: Employee | 2,500.00 | 208.33 | 192.31 | 96.15 | 48.08 | 9.88 | 1.37 | 5.00% |
| Company Pension: Employer | 1,500.00 | 125.00 | 115.38 | 57.69 | 28.85 | 5.93 | 0.82 | 3.00% |
| Taxable Pay | 47,500.00 | 3,958.33 | 3,653.85 | 1,826.92 | 913.46 | 187.75 | 26.10 | 95.00% |
| Tax Due [PAYE] | 15,000.00 | 1,250.00 | 1,153.85 | 576.92 | 288.46 | 59.29 | 8.24 | 30.00% |
| National Insurance | 4,577.52 | 381.46 | 352.12 | 176.06 | 88.03 | 18.09 | 2.52 | 9.16% |
| Total Pay Deductions | 22,077.52 | 1,839.79 | 1,698.27 | 849.14 | 424.57 | 87.26 | 12.13 | 44.16% |
| Net Pay | 27,922.48 | 2,326.87 | 2,147.88 | 1,073.94 | 536.97 | 110.37 | 15.34 | 55.84% |
| Employers NIC Contribution | 5,392.49 | 449.37 | 414.81 | 207.40 | 103.70 | 21.31 | 2.96 | 10.78% |
| Salary Package [Cost of Employee] | 56,892.49 | 4,741.04 | 4,376.35 | 2,188.17 | 1,094.09 | 224.87 | 31.26 | 113.78% |
1 Percentage expressed in relation to Gross Income [£ 47,500.00].
Further Reading
Boris Johnsons Plan for changes to the Higher Rate Tax Threshold
Join the Discussion on Facebook, share your thoughts and feelings on Boris' plan.