Free Pay - Full Document - Isle Of Man Government

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The TreasuryYn TashteyIncome Tax DivisionITIPINCOME TAX INSTALMENT PAYMENTSFree Pay TablesTable A – Weekly Paid EmployeesTable B – Monthly Paid EmployeesIssued by the Assessor of Income Taxfor use from 6 April 2006

HOW TO USE THE TAX TABLES Calculate the total gross pay for the week or month and deduct from it anyapproved superannuation contributions. Calculate the "Free Pay" by taking the tax code for that employee, look at theweekly paid or monthly paid TABLE A or TABLE B as appropriate and read offthe "Free Pay" alongside that code. Deduct the Free Pay from the total pay (after superannuation) to arrive at thetaxable pay. Round the taxable pay to the nearest 50 pence, i.e. 56.25 56.00; 75.76 76.00. Use STANDARD BAND (SB) - TABLE D (separate booklet) to calculate thetax to be deducted. Examples are given at the front of the Table D booklet. Where the weekly or monthly taxable pay exceeds the limits shown in TABLED the excess should be taxed using HIGHER RATE (HR) - TABLE C. Thisincludes employees on SB codes. TABLE D does NOT apply where Code HR is used or the employee is a nonresident. In such cases use TABLE C only. Advice can be obtained from the Income Tax Division if you have anydifficulties in deciding how the Tax Tables should be applied in a particularcase. You can contact the Income Tax Division on telephone number 685410. If the pay period relates to a number of weeks or months, multiply the "FreePay" by that number, e.g. if paying one week's pay plus two weeks holidaypay, deduct three times the "Free Pay" from the total pay to arrive at thetaxable pay for that three week period. If the code is higher than those used in the Tables, the "Free Pay" may bedetermined by adding the Free Pay from two codes together, e.g. Code 1800for a monthly paid employee: Use Code 900 twice 750.75 x 2 1,501.50.Alternatively, the following formula could be used:(Code x 10) 9Number of pay periods in tax year If the code is NT deduct no tax.

TABLE A - FREE PAY - WEEKLY PAID EMPLOYEESCodeFree PayCodeFree PayCodeFree PayCodeFree 52.8753.0653.2553.4453.6353.83

TABLE A - FREE PAY - WEEKLY PAID EMPLOYEESCodeFree PayCodeFree PayCodeFree PayCodeFree .71106.90107.10107.29107.48107.67

TABLE A - FREE PAY - WEEKLY PAID EMPLOYEESCodeFree PayCodeFree PayCodeFree PayCodeFree 60.94161.13161.33161.52

TABLE A - FREE PAY - WEEKLY PAID EMPLOYEESCodeFree PayCodeFree PayCodeFree PayCodeFree 2214.21214.40214.60214.79214.98215.17215.37

TABLE A - FREE PAY - WEEKLY PAID EMPLOYEESCodeFree PayCodeFree PayCodeFree PayCodeFree .21

TABLE A - FREE PAY - WEEKLY PAID EMPLOYEESCodeFree PayCodeFree PayCodeFree PayCodeFree .06

TABLE A - FREE PAY - WEEKLY PAID EMPLOYEESCodeFree PayCodeFree PayCodeFree PayCodeFree .90

TABLE B - FREE PAY - MONTHLY PAID EMPLOYEESCodeFree PayCodeFree PayCodeFree PayCodeFree 229.92230.75231.58232.42233.25

TABLE B - FREE PAY - MONTHLY PAID EMPLOYEESCodeFree PayCodeFree PayCodeFree PayCodeFree 64.08464.92465.75466.58

TABLE B - FREE PAY - MONTHLY PAID EMPLOYEESCodeFree PayCodeFree PayCodeFree PayCodeFree 97.42698.25699.08699.92

TABLE B - FREE PAY - MONTHLY PAID EMPLOYEESCodeFree PayCodeFree PayCodeFree PayCodeFree 0241025102610271028102985

Pay" by that number, e.g. if paying one week's pay plus two weeks holiday pay, deduct three times the "Free Pay" from the total pay to arrive at the taxable pay for that three week period. If the code is higher than those used in the Tables, the "Free Pay" may be determined by adding the Free Pay from two codes together, e.g. Code 1800

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