I've never had a job. How much tax will I have to pay?

Question

I'm starting a job at McDonalds soon, but am wondering how much tax I'll be paying? If I earn exactly the minimum wage and work full time, how many percent or how much amount will I have to pay as tax?

ATM I have absolutely NO clue about it and no estimated. Is it roughly 5%, 10%, 20%, 33%, 50%,... I have absolutely no clue, so any answer would help really.

Thanks

Anonym · Accepted Answer

Too much!! Haha I am inthe same predicament as I am a school leaver however I think it is abou 34%.

? · Answer

Assuming you are between 18 & 20 (NMW is less below and more over that) you will pay no tax until 5th April (because your total earnings for the year 2010/11 will be less than your allowance of £6475)

From April 6th, assuming 'full time' is 40 hours per week, and NMW is 4.92 per hour, your fortnightly wage (they pay every 2 weeks) will be £393.60.  This is over your 2011/12 allowance of £7475 so you will receive £358.51 per fortnight - the missing money being tax & NI.

Anonym · Answer

i am assuming that this is your only income 
1. you will get a personal allowance of £6475 for year 10/11 or  £7475 for year 11/12 which you will subtract from your income then

2. from £1 to £37400 basic rate of 20%
3.£37401 to £150000 Higher rate of 40%
4.over £150000 additional rate of 50%

NOTE: if you have income less than personal allowance your tax liability will be 0

ALL FIGURES ARE PER ANNUM

I've never had a job. How much tax will I have to pay?

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