My employer has asked me to put an excel spreadsheet together to itimise National Insurance payments.
I have been given a table of taxable and un-taxable bands which is :-
from £0 to £4004.oo no NI payments
from £4004.01 to £4615.oo Ni credit of -3.50%
from £4615.01 to £30,940.oo NI tax of 9.30%
and from 30940.01 upwards a NI tax of 12.8%
I can get a result on the first example I have been given which is for a wage of £12,720:
£0 - £4004 = £0 NI payment
£4004.01 - £4615.00 = -£21.39 NI payment (I get this)
£4615.01 - £30940.00 = £753.77 NI payment (I get this)
total payment is £732 (rounded) - (I get this)
But when I try and go over the upper limit my calculation seems to fall apart. Either my example is wrong or my calculations need adapting for a wage of £34,413:
£0 - £4004 = £0 NI payment
£4004.01 - £4615.00 = -£21.39 NI payment
£4615.01 - £30940.00 = £2399.87 NI payment (I can't get this)
£30940.01 + = £471.17 NI payment (I can't get this)
Total payment is £2850 (rounded) - (I can't get this)
Can anyone itimise the calculation for the second example, or tell me where I can find a similar example. Or perhaps just give me a clue ...
Thanks in advance
Solo7 ...
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