Broadfoot Interview on paycuts

[calscot 0]

When you're in Broadfoot's tax bracket (IE the 50% band) £2.5k per week after tax and NI wouldn't be much more than a grand in the bank, so just over £4k per month.

 

That arithmetic has just got to be wrong. It's more like £1.5K a week. NI has a ceiling around the same point that the 40% tax bracket comes in. According to an online tax calculator it would be £1,531.05.

 

Or £6,634.56 a month. As it's only short term, I'm sure it will be liveable.

 

I'm of the opinion that the more you earn the harder it is to spend it without being a bit indulgent or even moronic (drugs etc). Most rich people have to make up expensive hobbies just for the sake of it - art collections, antiques, supercars etc.

 

PS 10k a week nets you £22,726.23 a month. That's a decent amount of dough.

[craig 5,199]

I refuse to believe that Kirk Broadfoot was on 10k a week for us. It just cant be true.

 

And if it is.... our financial mismanagement hash it new depths.

[Darthter 542]

I refuse to believe that Kirk Broadfoot was on 10k a week for us. It just cant be true.

 

And if it is.... our financial mismanagement hash it new depths.

 

he would only have been offered the 75% if he was in the upper echelons of the pay scale....

[craig 5,199]

But we dont know at what salary those tiers were set.

[capstans 0]

my heart bleeds they will be tellling us next that the cut was voluntary, rather than the administratots laying out the facts of life in front of them.

 

Sort of made them am offer they couldn't refuse, no cuts accepted means chainsaw time.

[Zappa 0]

That arithmetic has just got to be wrong. It's more like £1.5K a week. NI has a ceiling around the same point that the 40% tax bracket comes in. According to an online tax calculator it would be £1,531.05.

 

If he's already earned over £150k this year, then his new reduced wage will be getting taxed 50%. Some more info -

 

Alistair Darling announced in the 2009 budget (22 April 2009) that, from April 2010 there would be a new 50% income tax rate for those earning more than £150,000.

 

After consideration of employer and employee National Insurance contributions, the effective marginal top rate for 2011-12 is 58%: that is, after the first £150,000, to pay an employee an additional £1,000 of taxable income costs the employer £1,138 and the employee receives £480 after deductions.

 

I wasn't trying to be accurate either. I did say "£2.5k per week after tax and NI wouldn't be much more than a grand in the bank", rather than anything specific.