Most of us lose approximately one fifth (20%) of our wages to Income Tax and National Insurance contributions: in tax year 2013/14 the first £9,440 of everyone’s earnings are entirely tax free. The...
more we earn, the more we pay: employees start paying 40% on all earnings above £32,000. For earnings above £150,000, you can expect to pay 45% (these figures for tax year 2013-14 are applicable after 6 April). In addition, during tax year 2012/13, the Government collected more than £91 million in National Insurance payments from the country’s workforce. But how exactly does the government spend this incredible amount of money in a way that benefits the UK, and its citizens? Our ‘Wage Slipping’ infographic aims to shed some light on this query.
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