Boris Johnson Tax Calculator - £62,000.00 Salary Example (£62K 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 £62,000.00 Salary (£62K Salary). The illustration also includes an overview of a current 2019 salary example for £62,000.00 and an salary example for £62,000.00 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
£62,000.00 Salary Comparison
WhatCurrent (2019)Boris £80k Higher Rate ThresholdiCalculator £30k Personal Allowance
Net Pay42695.4444814.4846534.48
Difference n/a2119.043839.04
Take Home68.86%72.28%75.06%

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: £62,000.00
  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 £62,000.00 (Current)

£62,000.00 Salary Example 2019/20 Tax Year
YearlyMonthly4 Weekly2 WeeklyWeeklyDailyHourly%1
Gross Income62,000.005,166.674,769.232,384.621,192.31245.0634.07100.00%
Adjusted Gross Income258,900.004,908.334,530.772,265.381,132.69232.8132.3695.00%
Tax Free Personal Allowance12,500.001,041.67961.54480.77240.3849.416.8720.16%
Company Pension: Employee3,100.00258.33238.46119.2359.6212.251.705.00%
Company Pension: Employer1,860.00155.00143.0871.5435.777.351.023.00%
Taxable Pay46,400.003,866.673,569.231,784.62892.31183.4025.4974.84%
Tax Due [PAYE]11,060.00921.67850.77425.38212.6943.726.0817.84%
National Insurance5,144.56428.71395.74197.8798.9320.332.838.30%
Total Pay Deductions19,304.561,608.711,484.97742.48371.2476.3010.6131.14%
Net Pay42,695.443,557.953,284.261,642.13821.07168.7623.4668.86%

Employers NIC Contribution6,936.98578.08533.61266.81133.4027.423.8111.19%
Salary Package [Cost of Employee]70,796.985,899.755,445.922,722.961,361.48279.8338.90114.19%

1 Percentage expressed in relation to Gross Income [£58,900.00].

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2019 Salary Example for £62,000.00 (Planned by Boris Johnson)

£62,000.00 Salary Example 2019/20 Tax Year (Planned by Boris Johnson)
YearlyMonthly4 Weekly2 WeeklyWeeklyDailyHourly%1
Gross Income62,000.005,166.674,769.232,384.621,192.31245.0634.07100.00%
Adjusted Gross Income258,900.004,908.334,530.772,265.381,132.69232.8132.3695.00%
Tax Free Personal Allowance12,500.001,041.67961.54480.77240.3849.416.8720.16%
Company Pension: Employee3,100.00258.33238.46119.2359.6212.251.705.00%
Company Pension: Employer1,860.00155.00143.0871.5435.777.351.023.00%
Taxable Pay46,400.003,866.673,569.231,784.62892.31183.4025.4974.84%
Tax Due [PAYE]9,280.00773.33713.85356.92178.4636.685.1014.97%
National Insurance4,805.52400.46369.66184.8392.4118.992.647.75%
Total Pay Deductions17,185.521,432.131,321.96660.98330.4967.939.4427.72%
Net Pay44,814.483,734.543,447.271,723.63861.82177.1324.6272.28%

Employers NIC Contribution6,965.69580.47535.82267.91133.9627.533.8311.23%
Salary Package [Cost of Employee]70,825.695,902.145,448.132,724.061,362.03279.9438.92114.23%

1 Percentage expressed in relation to Gross Income [£58,900.00].

2019 Salary Example for £62,000.00 (Suggested by iCalculator)

£62,000.00 Salary Example 2019/20 Tax Year (Suggested by iCalculator)
YearlyMonthly4 Weekly2 WeeklyWeeklyDailyHourly%1
Gross Income62,000.005,166.674,769.232,384.621,192.31245.0634.07100.00%
Adjusted Gross Income258,900.004,908.334,530.772,265.381,132.69232.8132.3695.00%
Tax Free Personal Allowance30,000.002,500.002,307.691,153.85576.92118.5816.4848.39%
Company Pension: Employee3,100.00258.33238.46119.2359.6212.251.705.00%
Company Pension: Employer1,860.00155.00143.0871.5435.777.351.023.00%
Taxable Pay28,900.002,408.332,223.081,111.54555.77114.2315.8846.61%
Tax Due [PAYE]7,560.00630.00581.54290.77145.3829.884.1512.19%
National Insurance4,805.52400.46369.66184.8392.4118.992.647.75%
Total Pay Deductions15,465.521,288.791,189.66594.83297.4161.138.5024.94%
Net Pay46,534.483,877.873,579.581,789.79894.89183.9325.5775.06%

Employers NIC Contribution6,965.69580.47535.82267.91133.9627.533.8311.23%
Salary Package [Cost of Employee]70,825.695,902.145,448.132,724.061,362.03279.9438.92114.23%

1 Percentage expressed in relation to Gross Income [£58,900.00].

Further Reading

Boris Johnsons Plan for changes to the Higher Rate Tax Threshold

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