Having a job is expensive
Being a student I am currently paying very little tax. My part time job fits me nicely within the personal allowance for income tax, I don't have a car so I don't pay road tax, I'm exempt from council tax. It's quite a nice situation.
But when I graduate and get a job, if you take into account what percentage of my income things like council tax and road tax and look at how much tax I will be paying on the top part of my salary (so it works out effectively less when you take my personal allowance into account) I will be paying a lot of tax next year. Check it out:
20% income tax
11% national insurance contributions
9% student loan repayment
4% council tax
1% road tax
That is a total of 45% tax!
Welcome
- Greetings! I'm Chris and this is my blog about debt, finance and generally having no money. Luckily as a student, it's just expected of me to have no money so it's all good.