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Boris Johnson Tax Calculator - £ 60,000.00 Salary Example (£60K 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 £ 60,000.00 Salary (£60K Salary). The illustration also includes an overview of a current 2023 salary example for £ 60,000.00 and an salary example for £ 60,000.00 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 | 36593.44 | 40832.48 | 33432.48 |
| Difference | n/a | 4239.04 | -3160.96 |
| Take Home | 60.99% | 68.05% | 55.72% |
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: £ 60,000.00
- 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 £ 60,000.00 (Current)
| Yearly | Monthly | 4 Weekly | 2 Weekly | Weekly | Daily | Hourly | %1 | |
|---|---|---|---|---|---|---|---|---|
| Gross Income | 60,000.00 | 5,000.00 | 4,615.38 | 2,307.69 | 1,153.85 | 237.15 | 32.97 | 100.00% |
| Adjusted Gross Income2 | 57,000.00 | 4,750.00 | 4,384.62 | 2,192.31 | 1,096.15 | 225.30 | 31.32 | 95.00% |
| Company Pension: Employee | 3,000.00 | 250.00 | 230.77 | 115.38 | 57.69 | 11.86 | 1.65 | 5.00% |
| Company Pension: Employer | 1,800.00 | 150.00 | 138.46 | 69.23 | 34.62 | 7.11 | 0.99 | 3.00% |
| Taxable Pay | 57,000.00 | 4,750.00 | 4,384.62 | 2,192.31 | 1,096.15 | 225.30 | 31.32 | 95.00% |
| Tax Due [PAYE] | 15,300.00 | 1,275.00 | 1,176.92 | 588.46 | 294.23 | 60.47 | 8.41 | 25.50% |
| National Insurance | 5,106.56 | 425.55 | 392.81 | 196.41 | 98.20 | 20.18 | 2.81 | 8.51% |
| Total Pay Deductions | 23,406.56 | 1,950.55 | 1,800.50 | 900.25 | 450.13 | 92.52 | 12.86 | 39.01% |
| Net Pay | 36,593.44 | 3,049.45 | 2,814.88 | 1,407.44 | 703.72 | 144.64 | 20.11 | 60.99% |
| Employers NIC Contribution | 6,674.78 | 556.23 | 513.44 | 256.72 | 128.36 | 26.38 | 3.67 | 11.12% |
| Salary Package [Cost of Employee] | 68,474.78 | 5,706.23 | 5,267.29 | 2,633.65 | 1,316.82 | 270.65 | 37.62 | 114.12% |
1 Percentage expressed in relation to Gross Income [£ 57,000.00].
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2023 Salary Example for £ 60,000.00 (Planned by Boris Johnson)
| Yearly | Monthly | 4 Weekly | 2 Weekly | Weekly | Daily | Hourly | %1 | |
|---|---|---|---|---|---|---|---|---|
| Gross Income | 60,000.00 | 5,000.00 | 4,615.38 | 2,307.69 | 1,153.85 | 237.15 | 32.97 | 100.00% |
| Adjusted Gross Income2 | 57,000.00 | 4,750.00 | 4,384.62 | 2,192.31 | 1,096.15 | 225.30 | 31.32 | 95.00% |
| Company Pension: Employee | 3,000.00 | 250.00 | 230.77 | 115.38 | 57.69 | 11.86 | 1.65 | 5.00% |
| Company Pension: Employer | 1,800.00 | 150.00 | 138.46 | 69.23 | 34.62 | 7.11 | 0.99 | 3.00% |
| Taxable Pay | 57,000.00 | 4,750.00 | 4,384.62 | 2,192.31 | 1,096.15 | 225.30 | 31.32 | 95.00% |
| Tax Due [PAYE] | 11,400.00 | 950.00 | 876.92 | 438.46 | 219.23 | 45.06 | 6.26 | 19.00% |
| National Insurance | 4,767.52 | 397.29 | 366.73 | 183.37 | 91.68 | 18.84 | 2.62 | 7.95% |
| Total Pay Deductions | 19,167.52 | 1,597.29 | 1,474.42 | 737.21 | 368.61 | 75.76 | 10.53 | 31.95% |
| Net Pay | 40,832.48 | 3,402.71 | 3,140.96 | 1,570.48 | 785.24 | 161.39 | 22.44 | 68.05% |
| Employers NIC Contribution | 6,703.49 | 558.62 | 515.65 | 257.83 | 128.91 | 26.50 | 3.68 | 11.17% |
| Salary Package [Cost of Employee] | 68,503.49 | 5,708.62 | 5,269.50 | 2,634.75 | 1,317.37 | 270.76 | 37.64 | 114.17% |
1 Percentage expressed in relation to Gross Income [£ 57,000.00].
2023 Salary Example for £ 60,000.00 (Suggested by iCalculator)
| Yearly | Monthly | 4 Weekly | 2 Weekly | Weekly | Daily | Hourly | %1 | |
|---|---|---|---|---|---|---|---|---|
| Gross Income | 60,000.00 | 5,000.00 | 4,615.38 | 2,307.69 | 1,153.85 | 237.15 | 32.97 | 100.00% |
| Adjusted Gross Income2 | 57,000.00 | 4,750.00 | 4,384.62 | 2,192.31 | 1,096.15 | 225.30 | 31.32 | 95.00% |
| Company Pension: Employee | 3,000.00 | 250.00 | 230.77 | 115.38 | 57.69 | 11.86 | 1.65 | 5.00% |
| Company Pension: Employer | 1,800.00 | 150.00 | 138.46 | 69.23 | 34.62 | 7.11 | 0.99 | 3.00% |
| Taxable Pay | 57,000.00 | 4,750.00 | 4,384.62 | 2,192.31 | 1,096.15 | 225.30 | 31.32 | 95.00% |
| Tax Due [PAYE] | 18,800.00 | 1,566.67 | 1,446.15 | 723.08 | 361.54 | 74.31 | 10.33 | 31.33% |
| National Insurance | 4,767.52 | 397.29 | 366.73 | 183.37 | 91.68 | 18.84 | 2.62 | 7.95% |
| Total Pay Deductions | 26,567.52 | 2,213.96 | 2,043.66 | 1,021.83 | 510.91 | 105.01 | 14.60 | 44.28% |
| Net Pay | 33,432.48 | 2,786.04 | 2,571.73 | 1,285.86 | 642.93 | 132.14 | 18.37 | 55.72% |
| Employers NIC Contribution | 6,703.49 | 558.62 | 515.65 | 257.83 | 128.91 | 26.50 | 3.68 | 11.17% |
| Salary Package [Cost of Employee] | 68,503.49 | 5,708.62 | 5,269.50 | 2,634.75 | 1,317.37 | 270.76 | 37.64 | 114.17% |
1 Percentage expressed in relation to Gross Income [£ 57,000.00].
Further Reading
Boris Johnsons Plan for changes to the Higher Rate Tax Threshold
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