Notice The following analysis contains approximate results and should only be used as a guideline for your tax and national insurance liability. taxmoney.com will not be liable for loss of any kind resulting from the use of these results. For a 100% accurate analysis you are advised to consult a suitably qualified accountant.
Details entered
Annual gross income:	£ 42,000.00
Tax code:	461
Standard hours per week:	40
Holiday weeks per year:	2
Summary of results
Income Before tax After tax Hourly > £20.19 £14.31 Weekly > £807.69 £572.43 Monthly > £3,500.00 £2,480.52 Yearly > £42,000.00 £29,766.28
Summary of results
With a yearly gross income of	£ 42,000.00
you will pay Tax of	£ 9,228.80
National insurance of	£ 3,004.92
Leaving you with a net income of	£ 29,766.28
Details
Your Total Income
Total yearly income	£ 42,000.00	100%
Tax free allowance allowed	£ 4,615.00
Taxable income	£ 37,385.00
Tax & National Insurance you have to pay
Tax payable on your taxable income of £ 37,385.00	£ 9,228.80	21.97%
National Insurance payable	£ 3,004.92	7.15%
Total deductions	£ 12,233.72	29.13%
Net income	£ 29,766.28	70.87%
Monthly income
Gross income	£ 3,500.00
Net income	£ 2,480.52
Adjustment for holiday weeks: The adjusted weekly and hourly rate reflects the logic that you are not paid for the holiday period and will therefore give your true actual weekly and hourly rate. You can now compare jobs with different holiday allowances on an equal basis.
Weekly income		Adj for holiday weeks
Gross income	£ 807.69	£ 840.00
Net income	£ 572.43	£ 595.33
Hourly income		Adj for holiday weeks
Gross income	£ 20.19	£21.00
Net income	£ 14.31	£14.88
These results are for the UK tax year 2003/2004. All figures are in United Kingdom currency.
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