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Boris Johnson Tax Calculator - £ 75,000.00 Salary Example (£75K 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 £ 75,000.00 Salary (£75K Salary). The illustration also includes an overview of a current 2023 salary example for £ 75,000.00 and an salary example for £ 75,000.00 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 | 44858.44 | 51197.48 | 41697.48 |
| Difference | n/a | 6339.04 | -3160.96 |
| Take Home | 59.81% | 68.26% | 55.60% |
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: £ 75,000.00
- 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 £ 75,000.00 (Current)
| Yearly | Monthly | 4 Weekly | 2 Weekly | Weekly | Daily | Hourly | %1 | |
|---|---|---|---|---|---|---|---|---|
| Gross Income | 75,000.00 | 6,250.00 | 5,769.23 | 2,884.62 | 1,442.31 | 296.44 | 41.21 | 100.00% |
| Adjusted Gross Income2 | 71,250.00 | 5,937.50 | 5,480.77 | 2,740.38 | 1,370.19 | 281.62 | 39.15 | 95.00% |
| Company Pension: Employee | 3,750.00 | 312.50 | 288.46 | 144.23 | 72.12 | 14.82 | 2.06 | 5.00% |
| Company Pension: Employer | 2,250.00 | 187.50 | 173.08 | 86.54 | 43.27 | 8.89 | 1.24 | 3.00% |
| Taxable Pay | 71,250.00 | 5,937.50 | 5,480.77 | 2,740.38 | 1,370.19 | 281.62 | 39.15 | 95.00% |
| Tax Due [PAYE] | 21,000.00 | 1,750.00 | 1,615.38 | 807.69 | 403.85 | 83.00 | 11.54 | 28.00% |
| National Insurance | 5,391.56 | 449.30 | 414.74 | 207.37 | 103.68 | 21.31 | 2.96 | 7.19% |
| Total Pay Deductions | 30,141.56 | 2,511.80 | 2,318.58 | 1,159.29 | 579.65 | 119.14 | 16.56 | 40.19% |
| Net Pay | 44,858.44 | 3,738.20 | 3,450.65 | 1,725.32 | 862.66 | 177.31 | 24.65 | 59.81% |
| Employers NIC Contribution | 8,641.28 | 720.11 | 664.71 | 332.36 | 166.18 | 34.16 | 4.75 | 11.52% |
| Salary Package [Cost of Employee] | 85,891.28 | 7,157.61 | 6,607.02 | 3,303.51 | 1,651.76 | 339.49 | 47.19 | 114.52% |
1 Percentage expressed in relation to Gross Income [£ 71,250.00].
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2023 Salary Example for £ 75,000.00 (Planned by Boris Johnson)
| Yearly | Monthly | 4 Weekly | 2 Weekly | Weekly | Daily | Hourly | %1 | |
|---|---|---|---|---|---|---|---|---|
| Gross Income | 75,000.00 | 6,250.00 | 5,769.23 | 2,884.62 | 1,442.31 | 296.44 | 41.21 | 100.00% |
| Adjusted Gross Income2 | 71,250.00 | 5,937.50 | 5,480.77 | 2,740.38 | 1,370.19 | 281.62 | 39.15 | 95.00% |
| Company Pension: Employee | 3,750.00 | 312.50 | 288.46 | 144.23 | 72.12 | 14.82 | 2.06 | 5.00% |
| Company Pension: Employer | 2,250.00 | 187.50 | 173.08 | 86.54 | 43.27 | 8.89 | 1.24 | 3.00% |
| Taxable Pay | 71,250.00 | 5,937.50 | 5,480.77 | 2,740.38 | 1,370.19 | 281.62 | 39.15 | 95.00% |
| Tax Due [PAYE] | 15,000.00 | 1,250.00 | 1,153.85 | 576.92 | 288.46 | 59.29 | 8.24 | 20.00% |
| National Insurance | 5,052.52 | 421.04 | 388.66 | 194.33 | 97.16 | 19.97 | 2.78 | 6.74% |
| Total Pay Deductions | 23,802.52 | 1,983.54 | 1,830.96 | 915.48 | 457.74 | 94.08 | 13.08 | 31.74% |
| Net Pay | 51,197.48 | 4,266.46 | 3,938.27 | 1,969.13 | 984.57 | 202.36 | 28.13 | 68.26% |
| Employers NIC Contribution | 8,669.99 | 722.50 | 666.92 | 333.46 | 166.73 | 34.27 | 4.76 | 11.56% |
| Salary Package [Cost of Employee] | 85,919.99 | 7,160.00 | 6,609.23 | 3,304.61 | 1,652.31 | 339.60 | 47.21 | 114.56% |
1 Percentage expressed in relation to Gross Income [£ 71,250.00].
2023 Salary Example for £ 75,000.00 (Suggested by iCalculator)
| Yearly | Monthly | 4 Weekly | 2 Weekly | Weekly | Daily | Hourly | %1 | |
|---|---|---|---|---|---|---|---|---|
| Gross Income | 75,000.00 | 6,250.00 | 5,769.23 | 2,884.62 | 1,442.31 | 296.44 | 41.21 | 100.00% |
| Adjusted Gross Income2 | 71,250.00 | 5,937.50 | 5,480.77 | 2,740.38 | 1,370.19 | 281.62 | 39.15 | 95.00% |
| Company Pension: Employee | 3,750.00 | 312.50 | 288.46 | 144.23 | 72.12 | 14.82 | 2.06 | 5.00% |
| Company Pension: Employer | 2,250.00 | 187.50 | 173.08 | 86.54 | 43.27 | 8.89 | 1.24 | 3.00% |
| Taxable Pay | 71,250.00 | 5,937.50 | 5,480.77 | 2,740.38 | 1,370.19 | 281.62 | 39.15 | 95.00% |
| Tax Due [PAYE] | 24,500.00 | 2,041.67 | 1,884.62 | 942.31 | 471.15 | 96.84 | 13.46 | 32.67% |
| National Insurance | 5,052.52 | 421.04 | 388.66 | 194.33 | 97.16 | 19.97 | 2.78 | 6.74% |
| Total Pay Deductions | 33,302.52 | 2,775.21 | 2,561.73 | 1,280.87 | 640.43 | 131.63 | 18.30 | 44.40% |
| Net Pay | 41,697.48 | 3,474.79 | 3,207.50 | 1,603.75 | 801.87 | 164.81 | 22.91 | 55.60% |
| Employers NIC Contribution | 8,669.99 | 722.50 | 666.92 | 333.46 | 166.73 | 34.27 | 4.76 | 11.56% |
| Salary Package [Cost of Employee] | 85,919.99 | 7,160.00 | 6,609.23 | 3,304.61 | 1,652.31 | 339.60 | 47.21 | 114.56% |
1 Percentage expressed in relation to Gross Income [£ 71,250.00].
Further Reading
Boris Johnsons Plan for changes to the Higher Rate Tax Threshold
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