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Boris Johnson Tax Calculator - £ 71,000.00 Salary Example (£71K 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 £ 71,000.00 Salary (£71K Salary). The illustration also includes an overview of a current 2023 salary example for £ 71,000.00 and an salary example for £ 71,000.00 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 | 42654.44 | 48983.48 | 39493.48 |
| Difference | n/a | 6329.04 | -3160.96 |
| Take Home | 60.08% | 68.99% | 55.62% |
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: £ 71,000.00
- 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 £ 71,000.00 (Current)
| Yearly | Monthly | 4 Weekly | 2 Weekly | Weekly | Daily | Hourly | %1 | |
|---|---|---|---|---|---|---|---|---|
| Gross Income | 71,000.00 | 5,916.67 | 5,461.54 | 2,730.77 | 1,365.38 | 280.63 | 39.01 | 100.00% |
| Adjusted Gross Income2 | 67,450.00 | 5,620.83 | 5,188.46 | 2,594.23 | 1,297.12 | 266.60 | 37.06 | 95.00% |
| Company Pension: Employee | 3,550.00 | 295.83 | 273.08 | 136.54 | 68.27 | 14.03 | 1.95 | 5.00% |
| Company Pension: Employer | 2,130.00 | 177.50 | 163.85 | 81.92 | 40.96 | 8.42 | 1.17 | 3.00% |
| Taxable Pay | 67,450.00 | 5,620.83 | 5,188.46 | 2,594.23 | 1,297.12 | 266.60 | 37.06 | 95.00% |
| Tax Due [PAYE] | 19,480.00 | 1,623.33 | 1,498.46 | 749.23 | 374.62 | 77.00 | 10.70 | 27.44% |
| National Insurance | 5,315.56 | 442.96 | 408.89 | 204.44 | 102.22 | 21.01 | 2.92 | 7.49% |
| Total Pay Deductions | 28,345.56 | 2,362.13 | 2,180.43 | 1,090.21 | 545.11 | 112.04 | 15.57 | 39.92% |
| Net Pay | 42,654.44 | 3,554.54 | 3,281.11 | 1,640.56 | 820.28 | 168.59 | 23.44 | 60.08% |
| Employers NIC Contribution | 8,116.88 | 676.41 | 624.38 | 312.19 | 156.09 | 32.08 | 4.46 | 11.43% |
| Salary Package [Cost of Employee] | 81,246.88 | 6,770.57 | 6,249.76 | 3,124.88 | 1,562.44 | 321.13 | 44.64 | 114.43% |
1 Percentage expressed in relation to Gross Income [£ 67,450.00].
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2023 Salary Example for £ 71,000.00 (Planned by Boris Johnson)
| Yearly | Monthly | 4 Weekly | 2 Weekly | Weekly | Daily | Hourly | %1 | |
|---|---|---|---|---|---|---|---|---|
| Gross Income | 71,000.00 | 5,916.67 | 5,461.54 | 2,730.77 | 1,365.38 | 280.63 | 39.01 | 100.00% |
| Adjusted Gross Income2 | 67,450.00 | 5,620.83 | 5,188.46 | 2,594.23 | 1,297.12 | 266.60 | 37.06 | 95.00% |
| Company Pension: Employee | 3,550.00 | 295.83 | 273.08 | 136.54 | 68.27 | 14.03 | 1.95 | 5.00% |
| Company Pension: Employer | 2,130.00 | 177.50 | 163.85 | 81.92 | 40.96 | 8.42 | 1.17 | 3.00% |
| Taxable Pay | 67,450.00 | 5,620.83 | 5,188.46 | 2,594.23 | 1,297.12 | 266.60 | 37.06 | 95.00% |
| Tax Due [PAYE] | 13,490.00 | 1,124.17 | 1,037.69 | 518.85 | 259.42 | 53.32 | 7.41 | 19.00% |
| National Insurance | 4,976.52 | 414.71 | 382.81 | 191.40 | 95.70 | 19.67 | 2.73 | 7.01% |
| Total Pay Deductions | 22,016.52 | 1,834.71 | 1,693.58 | 846.79 | 423.39 | 87.02 | 12.10 | 31.01% |
| Net Pay | 48,983.48 | 4,081.96 | 3,767.96 | 1,883.98 | 941.99 | 193.61 | 26.91 | 68.99% |
| Employers NIC Contribution | 8,145.59 | 678.80 | 626.58 | 313.29 | 156.65 | 32.20 | 4.48 | 11.47% |
| Salary Package [Cost of Employee] | 81,275.59 | 6,772.97 | 6,251.97 | 3,125.98 | 1,562.99 | 321.25 | 44.66 | 114.47% |
1 Percentage expressed in relation to Gross Income [£ 67,450.00].
2023 Salary Example for £ 71,000.00 (Suggested by iCalculator)
| Yearly | Monthly | 4 Weekly | 2 Weekly | Weekly | Daily | Hourly | %1 | |
|---|---|---|---|---|---|---|---|---|
| Gross Income | 71,000.00 | 5,916.67 | 5,461.54 | 2,730.77 | 1,365.38 | 280.63 | 39.01 | 100.00% |
| Adjusted Gross Income2 | 67,450.00 | 5,620.83 | 5,188.46 | 2,594.23 | 1,297.12 | 266.60 | 37.06 | 95.00% |
| Company Pension: Employee | 3,550.00 | 295.83 | 273.08 | 136.54 | 68.27 | 14.03 | 1.95 | 5.00% |
| Company Pension: Employer | 2,130.00 | 177.50 | 163.85 | 81.92 | 40.96 | 8.42 | 1.17 | 3.00% |
| Taxable Pay | 67,450.00 | 5,620.83 | 5,188.46 | 2,594.23 | 1,297.12 | 266.60 | 37.06 | 95.00% |
| Tax Due [PAYE] | 22,980.00 | 1,915.00 | 1,767.69 | 883.85 | 441.92 | 90.83 | 12.63 | 32.37% |
| National Insurance | 4,976.52 | 414.71 | 382.81 | 191.40 | 95.70 | 19.67 | 2.73 | 7.01% |
| Total Pay Deductions | 31,506.52 | 2,625.54 | 2,423.58 | 1,211.79 | 605.89 | 124.53 | 17.31 | 44.38% |
| Net Pay | 39,493.48 | 3,291.12 | 3,037.96 | 1,518.98 | 759.49 | 156.10 | 21.70 | 55.62% |
| Employers NIC Contribution | 8,145.59 | 678.80 | 626.58 | 313.29 | 156.65 | 32.20 | 4.48 | 11.47% |
| Salary Package [Cost of Employee] | 81,275.59 | 6,772.97 | 6,251.97 | 3,125.98 | 1,562.99 | 321.25 | 44.66 | 114.47% |
1 Percentage expressed in relation to Gross Income [£ 67,450.00].
Further Reading
Boris Johnsons Plan for changes to the Higher Rate Tax Threshold
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