Tax Rebates & Refunds

Comparing your pay slip with an calculated tax figure (Part 1)

August 2, 2012
Posted in Tax Rebates — Written by Jennifer

It is relatively easy to work out the amount of tax you ought to be paying each month. You simply have to isolate some of the other stoppages that relate to your monthly salary in order to determine whether the figure you should be paying matches the figure you are paying. This means going over your pay slip and subtracting things like sick days, extra holidays, student loan payments, pension contributions and so on from the total stoppages so that you arrive at the figure that relates exclusively to tax.

Of course, this is something that ought to be laid out relatively clearly on your pay slip. The whole purpose behind a pay slip is to itemise what you get paid and what stoppages come out of that figure in the most transparent fashion so you are able to understand what is going on with your salary.

However, it is sometimes worth getting familiar with the maths in any case because it gets you a little more used to the numbers involved. The next article will look in more detail at arriving at the initial figure of what you should be paying in tax.

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