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Boris Johnson Tax Calculator - £ 70,000.00 Salary Example (£70K 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 £ 70,000.00 Salary (£70K Salary). The illustration also includes an overview of a current 2023 salary example for £ 70,000.00 and an salary example for £ 70,000.00 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 | 42103.44 | 48242.48 | 38942.48 |
| Difference | n/a | 6139.04 | -3160.96 |
| Take Home | 60.15% | 68.92% | 55.63% |
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: £ 70,000.00
- 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 £ 70,000.00 (Current)
| Yearly | Monthly | 4 Weekly | 2 Weekly | Weekly | Daily | Hourly | %1 | |
|---|---|---|---|---|---|---|---|---|
| Gross Income | 70,000.00 | 5,833.33 | 5,384.62 | 2,692.31 | 1,346.15 | 276.68 | 38.46 | 100.00% |
| Adjusted Gross Income2 | 66,500.00 | 5,541.67 | 5,115.38 | 2,557.69 | 1,278.85 | 262.85 | 36.54 | 95.00% |
| Company Pension: Employee | 3,500.00 | 291.67 | 269.23 | 134.62 | 67.31 | 13.83 | 1.92 | 5.00% |
| Company Pension: Employer | 2,100.00 | 175.00 | 161.54 | 80.77 | 40.38 | 8.30 | 1.15 | 3.00% |
| Taxable Pay | 66,500.00 | 5,541.67 | 5,115.38 | 2,557.69 | 1,278.85 | 262.85 | 36.54 | 95.00% |
| Tax Due [PAYE] | 19,100.00 | 1,591.67 | 1,469.23 | 734.62 | 367.31 | 75.49 | 10.49 | 27.29% |
| National Insurance | 5,296.56 | 441.38 | 407.43 | 203.71 | 101.86 | 20.94 | 2.91 | 7.57% |
| Total Pay Deductions | 27,896.56 | 2,324.71 | 2,145.89 | 1,072.94 | 536.47 | 110.26 | 15.33 | 39.85% |
| Net Pay | 42,103.44 | 3,508.62 | 3,238.73 | 1,619.36 | 809.68 | 166.42 | 23.13 | 60.15% |
| Employers NIC Contribution | 7,985.78 | 665.48 | 614.29 | 307.15 | 153.57 | 31.56 | 4.39 | 11.41% |
| Salary Package [Cost of Employee] | 80,085.78 | 6,673.82 | 6,160.44 | 3,080.22 | 1,540.11 | 316.54 | 44.00 | 114.41% |
1 Percentage expressed in relation to Gross Income [£ 66,500.00].
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2023 Salary Example for £ 70,000.00 (Planned by Boris Johnson)
| Yearly | Monthly | 4 Weekly | 2 Weekly | Weekly | Daily | Hourly | %1 | |
|---|---|---|---|---|---|---|---|---|
| Gross Income | 70,000.00 | 5,833.33 | 5,384.62 | 2,692.31 | 1,346.15 | 276.68 | 38.46 | 100.00% |
| Adjusted Gross Income2 | 66,500.00 | 5,541.67 | 5,115.38 | 2,557.69 | 1,278.85 | 262.85 | 36.54 | 95.00% |
| Company Pension: Employee | 3,500.00 | 291.67 | 269.23 | 134.62 | 67.31 | 13.83 | 1.92 | 5.00% |
| Company Pension: Employer | 2,100.00 | 175.00 | 161.54 | 80.77 | 40.38 | 8.30 | 1.15 | 3.00% |
| Taxable Pay | 66,500.00 | 5,541.67 | 5,115.38 | 2,557.69 | 1,278.85 | 262.85 | 36.54 | 95.00% |
| Tax Due [PAYE] | 13,300.00 | 1,108.33 | 1,023.08 | 511.54 | 255.77 | 52.57 | 7.31 | 19.00% |
| National Insurance | 4,957.52 | 413.13 | 381.35 | 190.67 | 95.34 | 19.59 | 2.72 | 7.08% |
| Total Pay Deductions | 21,757.52 | 1,813.13 | 1,673.66 | 836.83 | 418.41 | 86.00 | 11.95 | 31.08% |
| Net Pay | 48,242.48 | 4,020.21 | 3,710.96 | 1,855.48 | 927.74 | 190.68 | 26.51 | 68.92% |
| Employers NIC Contribution | 8,014.49 | 667.87 | 616.50 | 308.25 | 154.12 | 31.68 | 4.40 | 11.45% |
| Salary Package [Cost of Employee] | 80,114.49 | 6,676.21 | 6,162.65 | 3,081.33 | 1,540.66 | 316.66 | 44.02 | 114.45% |
1 Percentage expressed in relation to Gross Income [£ 66,500.00].
2023 Salary Example for £ 70,000.00 (Suggested by iCalculator)
| Yearly | Monthly | 4 Weekly | 2 Weekly | Weekly | Daily | Hourly | %1 | |
|---|---|---|---|---|---|---|---|---|
| Gross Income | 70,000.00 | 5,833.33 | 5,384.62 | 2,692.31 | 1,346.15 | 276.68 | 38.46 | 100.00% |
| Adjusted Gross Income2 | 66,500.00 | 5,541.67 | 5,115.38 | 2,557.69 | 1,278.85 | 262.85 | 36.54 | 95.00% |
| Company Pension: Employee | 3,500.00 | 291.67 | 269.23 | 134.62 | 67.31 | 13.83 | 1.92 | 5.00% |
| Company Pension: Employer | 2,100.00 | 175.00 | 161.54 | 80.77 | 40.38 | 8.30 | 1.15 | 3.00% |
| Taxable Pay | 66,500.00 | 5,541.67 | 5,115.38 | 2,557.69 | 1,278.85 | 262.85 | 36.54 | 95.00% |
| Tax Due [PAYE] | 22,600.00 | 1,883.33 | 1,738.46 | 869.23 | 434.62 | 89.33 | 12.42 | 32.29% |
| National Insurance | 4,957.52 | 413.13 | 381.35 | 190.67 | 95.34 | 19.59 | 2.72 | 7.08% |
| Total Pay Deductions | 31,057.52 | 2,588.13 | 2,389.04 | 1,194.52 | 597.26 | 122.76 | 17.06 | 44.37% |
| Net Pay | 38,942.48 | 3,245.21 | 2,995.58 | 1,497.79 | 748.89 | 153.92 | 21.40 | 55.63% |
| Employers NIC Contribution | 8,014.49 | 667.87 | 616.50 | 308.25 | 154.12 | 31.68 | 4.40 | 11.45% |
| Salary Package [Cost of Employee] | 80,114.49 | 6,676.21 | 6,162.65 | 3,081.33 | 1,540.66 | 316.66 | 44.02 | 114.45% |
1 Percentage expressed in relation to Gross Income [£ 66,500.00].
Further Reading
Boris Johnsons Plan for changes to the Higher Rate Tax Threshold
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