Calculate the amount of payable tax on a UK income for tax years 2018/2019.
Note: This library is still in the early stages of development and some functionality may be untested / undocumented.
Your personal allowance is the amount of income allowed before tax. The most common allowance is £11,850, so for an income of £75,000 only £63,150 would be taxable.
The allowance is calculated based on the amount of income before tax:
-
0 - £100,000
- £11,850 -
£100,000 - £127,300
- £1 less than £11,850 every £2 above £100,000 until £0 -
£100,000+
- £0
If you're registered blind you'll get an additional allowance of £2390.
Tax is calculated from your taxable income and is calculated at different rates for certain income brackets:
-
£0 - £11,850
- 0% -
£11,851 - £46,350
- 20% -
£46,351 - £150,000
- 40% -
more than £150,000
- 45%
So for an income of £75,000, £63,150 is taxable, you pay £6900 of tax at 20%, £11,460 at 40%, whilst nothing at 45% meaning tax payable is £18,360 so your net is £56,440.
IncomeTax is a class which can be invoked to calculate different income tax factors.
-
income
(number) the amount of income before tax or deductions -
opts
(object) optional parameters to adjust the calculations-
isBlind
(boolean) incorporate blind person allowance?
-
// import dependency
var IncomeTax = require('income-tax-calculator');
// Initialise the IncomeTax object
var incomeTax = new IncomeTax(75000);
// output the tax breakdown report
console.log(incomeTax.calculateIncomeTax());
/*
{
gross: 75000,
taxable: 63150,
net: 56640,
allowance: 11850,
tax20: 6900,
tax40: 11460,
tax45: 0,
total: 18360
}
*/