Teacher's Salary Calculator
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Enter your gross salary as of September 2023 to calculate your net take-home pay and the effect of the 6.5% pay rise.
Source Code
Check out the source code for this calculator on GitHub. Feel free to make a pull request if you have any improvements!
How the Calculator Works
The calculator considers the following factors to provide an estimate of your net take-home pay:
- Student Loan Repayments: Deductions based on your selected student loan plan. Plan 1 and Plan 2 have different thresholds and repayment rates.
- Pension Contributions: Calculated according to your annual salary. The rate of contribution varies depending on your salary band. These contributions are deducted from your annual salary before calculating tax.
- Tax: Income tax is calculated based on current UK tax bands and personal allowance thresholds, after deducting pension contributions.
- National Insurance: Contributions are calculated on your gross salary above the tax-free allowance, with different rates applied to different salary bands.
How the Calculator Really Works
This section breaks down the detailed calculations for each component based on your salary.
Tax Calculation
- Pension Contributions: Deducted from your annual salary before calculating tax.
- Personal Allowance: Up to £12,570 is tax-free.
- Basic Rate: 20% tax on income between £12,571 and £50,270, after deducting pension contributions.
- Higher Rate: 40% tax on income between £50,271 and £150,000, after deducting pension contributions.
- Additional Rate: 45% tax on income over £150,000, after deducting pension contributions.
Student Loan Repayments
- Plan 1: 9% of your income over £22,015 annually (or £1,834 monthly).
- Plan 2: 9% of your income over £27,295 annually (or £2,274 monthly).
National Insurance Contributions
- 12% on gross salary above the tax-free allowance of £12,570 up to £50,270.
- 2% on any portion of the salary over £50,270.
Pension Contributions
- Salary up to £32,135.99: 7.4% contribution rate.
- Salary from £32,136 to £43,259.99: 8.6% contribution rate.
- Salary from £43,260 to £51,292.99: 9.6% contribution rate.
- Salary from £51,293 to £67,979.99: 10.2% contribution rate.
- Salary from £67,980 to £92,697.99: 11.3% contribution rate.
- Salary £92,698 and above: 11.7% contribution rate.