Help Calculating Tax on Bonus

[Theonlyoneiknow]

Hi,

I have tried Googling but can't seem to find what I am looking for so hoping the powers of MN can help!

I am due to receive a bonus in January. I have the option of putting some of this into my pension.

I would like to work out how much tax I would pay on this bonus as it will help me decide how much of it I want to put into my pension.

Does anyone know of an online calculator where, if I put in my annual salary, childcare vouchers etc and then add in my bonus it will tell me how much tax I will pay on that bonus?

Many Thanks!

You need to ask payroll/HR if you can do an addition voluntary contribution to your pension which would mean you don't pay any tax (threshold will be there in April 2014).

Here it's all tax free in pension or all taxed etc and in the bank!

Depending on your salary the tax varies a lot. About a 1/3 of the amt inc. NI if earning in total inc bonus up to about 41k.

Above this about 42% inc NI

100-118k about 62%....

118-150 42%

150k+ 47% (or is it still 52%)?

Not a tax accountant by the way. Lay person calculation

If i put some in my pensión i think work also contribute the NI that they would otherwise have had to pay.

Need to work out where money is,Best used. Towards house extensión or in my pensión!