Re:One million cancel broadband as living costs rise (UK)
by noneeeed on Thursday May 18, 2023 @03:11PM
(#35992672)
Is your brother in Scotland? If not he should get his tax code checked.
Combining income tax and national insurance contributions, the highest marginal tax rate on your salary is 47%, and that is only on everything over £125k (about $150k).
The vast majority of people are in the standard rate band where you pay 20% IT and 12% NI contributions, a total of 32% on what you earn over the tax free allowance £12,500 and under the £50k higher rate threshold, at which point it switches to 40% IT and just 2% NI.
If you earn £50k you will pay 23% total tax on your salary.
If you earn £125k you pay about 38% total tax on your salary.
The very highest marginal rate he should pay is 47%, if he is paying more then someone screwed up.
Combining income tax and national insurance contributions, the highest marginal tax rate on your salary is 47%, and that is only on everything over £125k (about $150k).
The vast majority of people are in the standard rate band where you pay 20% IT and 12% NI contributions, a total of 32% on what you earn over the tax free allowance £12,500 and under the £50k higher rate threshold, at which point it switches to 40% IT and just 2% NI.
If you earn £50k you will pay 23% total tax on your salary.
If you earn £125k you pay about 38% total tax on your salary.
The very highest marginal rate he should pay is 47%, if he is paying more then someone screwed up.
In Scotland they have slightly higher rates.