Woohoo, it’s finally payday, and you have your well-deserved payslip! But what are all these numbers and how much are you paying towards tax? Here we have got rid of all that legal jargon and have made understanding your taxes easier. Check if you’re being paid the current minimum wage and if you’re getting all the money you’re entitled to. You can also discover what your hard-earned cash goes towards and if you’re paying too much. Lets deep dive into the world of taxes!
All about Salary and Tax
What is the difference between Gross and Net?
Sometimes we all need a helping hand when it comes to an understanding of our taxes. With so many variables and options, no wonder so many people find taxes hard! Each person ultimately has a unique tax bill. (Depending on your age, your salary and other lifestyle options you have - such as childcare or student loans.) It is also why your payslip is also unique. But what is the difference between gross and net salary? Well, your gross wage is what you are earning, and it will be in your contract. However, this amount of money won’t be inside your bank account, unfortunately. Your net salary is what will be inside your bank account after all taxes and deductions from your gross salary. Make sure to keep exploring the articles above to find out more about your tax codes, your payslip and other related money questions!