Hi there,
I'm trying to understand the calculations behind my payslip. I see a column for "Payments" and another for "Deductions". On the column for "Deductions" I can a row called "Tax paid".
What does this refer to exactly? I'm currently calculating the rates of each income tax rate band and I can't get to the right value I see in this row.
Let's say, for example, my yearly salary is 100k and I'm paid on a monthly basis. I'm picking up the €8333.3 monthly amount and running through the income tax rate bands, which results in €2720 in taxes. However, this amount is not exactly what I see in "Tax paid".
Can anyone help me understand how this row is calculated?
Thanks in advance!
I'm trying to understand the calculations behind my payslip. I see a column for "Payments" and another for "Deductions". On the column for "Deductions" I can a row called "Tax paid".
What does this refer to exactly? I'm currently calculating the rates of each income tax rate band and I can't get to the right value I see in this row.
Let's say, for example, my yearly salary is 100k and I'm paid on a monthly basis. I'm picking up the €8333.3 monthly amount and running through the income tax rate bands, which results in €2720 in taxes. However, this amount is not exactly what I see in "Tax paid".
Can anyone help me understand how this row is calculated?
Thanks in advance!