DeadlyDirk Posted October 27, 2013 Share Posted October 27, 2013 Hello All, Quick question which shouldn't be too complicated as there are some finance experts on here..... At work I earn just under £24,000 a year basic. I hardly ever do overtime. I've been doing a special job for the last 6 weeks, which has given me 95 hours of overtime at £17 an hour. If you where take my annual salary and put 95 hours overtime onto it each month it would take me to a salary of £42k per annum. With that in mind, is it likely that for this month only I will be put into the 40% tax bracket, with an adjustment coming the following month, or would the tax bracket only apply when I get to the threshold overall for the year? Or, given the time of year would it take into account what I've already earned and decide that even if I did earn that for the remaining months of the year, it wouldn't push me into the higher bracket so therefore still tax me at 20%? It's all so complicated!! Link to comment Share on other sites More sharing options...
villaajax Posted October 27, 2013 Share Posted October 27, 2013 Send it to the Cayman Islands. Link to comment Share on other sites More sharing options...
Jimzk5 Posted October 27, 2013 Share Posted October 27, 2013 Your tax code should only allow you to be deducted your standard rate, regardless of the hours/wage you will pick up, you will pay more tax because you earned more money that week though Link to comment Share on other sites More sharing options...
DeadlyDirk Posted October 27, 2013 Author Share Posted October 27, 2013 Paying more tax goes without saying, I was just concerned whether it will be at 20% or 40%! I keep hearing conflicting arguments! Link to comment Share on other sites More sharing options...
choffer Posted October 27, 2013 VT Supporter Share Posted October 27, 2013 (edited) No chance that it'd be 40%. It's calculated on your annual salary. The fact that you've had a bit of extra bunco in one month won't make a blind bit of difference. Edit - What is a Bunco and why does the site dictionary not recognise the word Bunce? Edited October 27, 2013 by choffer 1 Link to comment Share on other sites More sharing options...
tonyh29 Posted October 27, 2013 Share Posted October 27, 2013 No chance that it'd be 40%. It's calculated on your annual salary. The fact that you've had a bit of extra bunco in one month won't make a blind bit of difference. I thought it was called Pay as you earn for a reason ? Link to comment Share on other sites More sharing options...
choffer Posted October 27, 2013 VT Supporter Share Posted October 27, 2013 Just to answer my own question: Bunco (also Bunko or Bonko) is a parlour game played in teams with three dice. Link to comment Share on other sites More sharing options...
Jimzk5 Posted October 27, 2013 Share Posted October 27, 2013 (edited) Just to answer my own question: Bunco (also Bunko or Bonko) is a parlour game played in teams with three dice. Bunse comes from the cockney rhyming slang "bunsen burner" - nice little earner. Edited October 27, 2013 by Jimzk5 Link to comment Share on other sites More sharing options...
WhatAboutTheFinish Posted October 27, 2013 Share Posted October 27, 2013 (edited) This website should give you all you need to know http://www.thesalarycalculator.co.uk/salary.php Just enter your extra earnings this month (17*95=1615) as a bonus and it should give you a good indicator of what you'll be taking home. Edited October 27, 2013 by WhatAboutTheFinish Link to comment Share on other sites More sharing options...
bickster Posted October 27, 2013 Moderator Share Posted October 27, 2013 You won't be affected. My basic is similar to yours but some weeks I can pick up nearly 3 times as much if I've been put on a higher rate for a special project and I'm working long hours in the week. I still only get taxed at the lower rate. Link to comment Share on other sites More sharing options...
leviramsey Posted October 28, 2013 VT Supporter Share Posted October 28, 2013 Just to answer my own question: Bunco (also Bunko or Bonko) is a parlour game played in teams with three dice. If you're in a mid-century American police movie (and contemporary real life?), it also refers to a unit of the police force, generally charged with investigating confidence schemes and frauds. http://www.youtube.com/watch?v=KhC_Zoe25Eg Link to comment Share on other sites More sharing options...
Shillzz Posted October 28, 2013 Share Posted October 28, 2013 Tax is calculated on your annual salary, where as NI is calculated on a pay as you play basis. It actually benefits you in NI terms to get paid more in one lump sum (should you earn enough). You should be ok. Link to comment Share on other sites More sharing options...
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