If you are thinking of applying for a new job or even promotion then it’s important that you know how much your net pay will increase by. This is where you can use a salary calculator. By inputting key information like your income tax, annual salary, allowances into a salary calculator you can work out your exact take home pay.
A salary calculator is an excellent financial tool that can help you to control and plan your finances. It can also help you to decide whether its worth while applying for certain jobs.
For accurate calculations you must enter the latest tax information.
UK tax allowances 2010
For those workers under 65 the tax allowance is £6475.
The tax rate on income for employees earning up to £37,400 is 20%.
As of 2010 those employees having a gross income of under £110 per week will have to make no National Insurance contributions.
Those earning between £110 and £844 will be charged at 11%.
Calculators can also help advise you on what the average salary is for a particular industry or job, useful information when deciding whether to change careers etc.