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 2023 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.

£ 62,000.00 Salary Comparison

What	Current (2019)	Boris £80k Higher Rate Threshold	iCalculator™ £30k Personal Allowance
Net Pay	37695.44	42314.48	34534.48
Difference	n/a	4619.04	-3160.96
Take Home	60.80%	68.25%	55.70%

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)

2023 Salary Example for £ 62,000.00 (Current)

£ 62,000.00 Salary Example 2023/24 Tax Year

	Yearly	Monthly	4 Weekly	2 Weekly	Weekly	Daily	Hourly	%1
Gross Income	62,000.00	5,166.67	4,769.23	2,384.62	1,192.31	245.06	34.07	100.00%
Adjusted Gross Income2	58,900.00	4,908.33	4,530.77	2,265.38	1,132.69	232.81	32.36	95.00%
Company Pension: Employee	3,100.00	258.33	238.46	119.23	59.62	12.25	1.70	5.00%
Company Pension: Employer	1,860.00	155.00	143.08	71.54	35.77	7.35	1.02	3.00%
Taxable Pay	58,900.00	4,908.33	4,530.77	2,265.38	1,132.69	232.81	32.36	95.00%
Tax Due [PAYE]	16,060.00	1,338.33	1,235.38	617.69	308.85	63.48	8.82	25.90%
National Insurance	5,144.56	428.71	395.74	197.87	98.93	20.33	2.83	8.30%
Total Pay Deductions	24,304.56	2,025.38	1,869.58	934.79	467.40	96.07	13.35	39.20%
Net Pay	37,695.44	3,141.29	2,899.65	1,449.82	724.91	148.99	20.71	60.80%
Employers NIC Contribution	6,936.98	578.08	533.61	266.81	133.40	27.42	3.81	11.19%
Salary Package [Cost of Employee]	70,796.98	5,899.75	5,445.92	2,722.96	1,361.48	279.83	38.90	114.19%

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

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2023 Salary Example for £ 62,000.00 (Planned by Boris Johnson)

£ 62,000.00 Salary Example 2023/24 Tax Year (Planned by Boris Johnson)

	Yearly	Monthly	4 Weekly	2 Weekly	Weekly	Daily	Hourly	%1
Gross Income	62,000.00	5,166.67	4,769.23	2,384.62	1,192.31	245.06	34.07	100.00%
Adjusted Gross Income2	58,900.00	4,908.33	4,530.77	2,265.38	1,132.69	232.81	32.36	95.00%
Company Pension: Employee	3,100.00	258.33	238.46	119.23	59.62	12.25	1.70	5.00%
Company Pension: Employer	1,860.00	155.00	143.08	71.54	35.77	7.35	1.02	3.00%
Taxable Pay	58,900.00	4,908.33	4,530.77	2,265.38	1,132.69	232.81	32.36	95.00%
Tax Due [PAYE]	11,780.00	981.67	906.15	453.08	226.54	46.56	6.47	19.00%
National Insurance	4,805.52	400.46	369.66	184.83	92.41	18.99	2.64	7.75%
Total Pay Deductions	19,685.52	1,640.46	1,514.27	757.14	378.57	77.81	10.82	31.75%
Net Pay	42,314.48	3,526.21	3,254.96	1,627.48	813.74	167.25	23.25	68.25%
Employers NIC Contribution	6,965.69	580.47	535.82	267.91	133.96	27.53	3.83	11.23%
Salary Package [Cost of Employee]	70,825.69	5,902.14	5,448.13	2,724.06	1,362.03	279.94	38.92	114.23%

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

2023 Salary Example for £ 62,000.00 (Suggested by iCalculator)

£ 62,000.00 Salary Example 2023/24 Tax Year (Suggested by iCalculator)

	Yearly	Monthly	4 Weekly	2 Weekly	Weekly	Daily	Hourly	%1
Gross Income	62,000.00	5,166.67	4,769.23	2,384.62	1,192.31	245.06	34.07	100.00%
Adjusted Gross Income2	58,900.00	4,908.33	4,530.77	2,265.38	1,132.69	232.81	32.36	95.00%
Company Pension: Employee	3,100.00	258.33	238.46	119.23	59.62	12.25	1.70	5.00%
Company Pension: Employer	1,860.00	155.00	143.08	71.54	35.77	7.35	1.02	3.00%
Taxable Pay	58,900.00	4,908.33	4,530.77	2,265.38	1,132.69	232.81	32.36	95.00%
Tax Due [PAYE]	19,560.00	1,630.00	1,504.62	752.31	376.15	77.31	10.75	31.55%
National Insurance	4,805.52	400.46	369.66	184.83	92.41	18.99	2.64	7.75%
Total Pay Deductions	27,465.52	2,288.79	2,112.73	1,056.37	528.18	108.56	15.09	44.30%
Net Pay	34,534.48	2,877.87	2,656.50	1,328.25	664.12	136.50	18.97	55.70%
Employers NIC Contribution	6,965.69	580.47	535.82	267.91	133.96	27.53	3.83	11.23%
Salary Package [Cost of Employee]	70,825.69	5,902.14	5,448.13	2,724.06	1,362.03	279.94	38.92	114.23%

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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