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Are you trying to workout what your next payslip will pay into your bank account? Well, you're in the right place! This is a calculator that can estimate quite accurately what your next payslip will deduct and thus how much your take home pay will be. Deductions on payslips are not based on annual earnings but are calculated based on your tax code for 'that' particular employment, how much you've earned within the tax year 'gross' in that job, and how much tax you've paid in the tax year. It a cumulative system and the deductions for one payslip are based on the previous payslip. This is why this calculator is different from our regular reverse tax calculator - that calculates on an annual basis. The annual basis is still correct, and is the one that will take precedence at the end of the tax year, especially when under or overpayments of tax need to be corrected.
If you have done a certain amount of overtime in this pay period, you can estimate what your payday will be without having to enter all your previous pay information like our payslip calculator as we can estimate your tax up to the period.
Let's say that you want to take a certain amount of money home from your employment next time you're paid. You can enter the 'extra' amount you wish to be added to your 'take home' pay on the next payslip. We will automatially run a reverse calculation and find all the deductions that you normally incur to be able to find the amount of gross income you would have to earn. You can then use that figure to workout how many hours of overtime you would need.
How To Use
The calculator works by using a clever algorithm that accumulates the totals that your payslips would have by the time your next payslip is paid. It does by asking you as little information as possible. It can 'estimate' the previous payslips by using just your regular gross pay, how often you are paid and the date of your next payday. It will crunch these numbers and find out exactly what the pay period of your next payslip is and have figures for the total deductions made up to that point. It can then use these to run a calculation for a new payslip with adjusted figures.
For the best accuracy there are a number of options. Firstly, you should make sure that the 'tax code' entered under 'options' is correct for you. The tax code is automatically set to the latest default code, but your code may be different. If so, enter your tax code. Your tax code will also dictate what tax system is used, e.g. if your tax code is prefixed 'S', then Scottish rules and rates will be applied.
Another option, for example, is if you have your last payslip to hand. If so, the 'tax deducted to date', 'gross pay to date' and, if you a director, 'NIC deducted to date', will help keep the cumulative totals in sync for our calculation.
We also provide a number of advanced options for additional deductions such as pensions. Only employer payroll deduction pensions are supported and you should enter the percentage taken from your pay in the box. We also allow you to include student loan deductions, and support both current types of scheme. If you tick the 'company director' box, then your national insurance deductions will be calculated using HMRC's alternative company directors' method.