- Feb 8, 2007
- 38,502
- 11,933
Need to earn over 150k
0-£37400 is taxed at 20%
£37400-£150k is taxed at 40%
£150k+ is taxed at 50%
So if he is on £75k a week, half a weeks wages will be taxed at 20%, 1.5 weeks wages at 40% and then the rest at 50%, so he'll earn around £38k after tax.
That is assuming it's all done properly, all declared as income etc. If it is bonuses they are taxed at different rates I think.
Nay, bonuses are merely added to your income - if declared that is.
After all, people in hospitality will rarely declare tips which in a lot of cases are more than their wages, but they should be law.