Can someone explain in English the difference between Gross and Net income?

[Alambil]

My first year of work will be at a salary of £21 100.

Is that Gross or Net? What is gross and net anyway?!

Is there any way of finding out what I'll be taxed so I can figure out my take home income?

put the figures in it works it out

gross is before tax

net is after tax

if that is your salary

take off around one third - i think

i also thnk that you can claim some of your tax back in april 2009 as you are starting mid way through the year and therefore will not have used up you tax allowence.

ut am sure someone can come and give you a better answer that that

Gross is what you earn over the year BEFORE tax and N.I is taken off.

Net is what you take home AFTER stoppages, Tax and N.I.

don't know what you will be stopped, sorry

Gross means before tax, net means after tax. This website explains how to work out how much tax you will pay www.hmrc.gov.uk/rates/it.htm

gross is the £21100 net is whats left after tax and national insurance

direct gov explaination

21K will be gross. Net will depend on the amount you are taxed, NI, whether you are paying into a company pension, all sorts of stuff.

If you dont have a P45 from a previous job make sure you fill in a P46 quickly to avoid paying emergency tax in the first month or so.

Not starting work til at least September 09 - got to qualify as a teacher first!

I just wondered. Can't WAIT to get off benefits and get a proper income!

Thanks for those sites - looks good at about £300 a week takehome I think - that's TREBLE what I'm on now!!

Drinks on me

Easy way to remember - Net is what you get your hands on

ohhh I will

I'll have been on income support for 6 years by then; going to feel rich even after rent and council tax etc get taken out! I'm going on a huge shopping spree when I get my first pay packet!

Good for you Lewisfan buy something fabby, I always did with my first paycheque

That's great - good luck witht the rest of your course. Make sure you fill in the P46 then as soon as you start (you should be able to get one from HMRC website if you dont get given one) and enjoy that first pay packet!

Don't forget that you'll also need to deduct your pension payment from that, and from April 2010 you'll have to repay your student loan as well. I was M5 when I left teaching on approx 26k and I took home £1500 per month, or near offer.