Your Questions About Family Budget Calculator

Helen asks…

Stone me! I am going to be better off after this budget (supposedly). Is that a first?

According to the tax/budget calculator on the BBC website, my family will be £269 better off next year, compared to this year!
Ya see, I make my own wine and beer, so don’t pay tax on it.
I don’t smoke either, guess that helps. I am surprised that the cost of petrol didn’t impact on me. I do clock up miles going to and from work.
Just tried a couple of other budget calculators on the internet. They all say something slightly different, but all around the £260 mark better off. Cool! I thought Labour were completely useless, but it appears that they are just mainly useless!

richmama answers:

I’ll be better off as well. At least I will be after they bring in the reduction in charges for pre-payment meters.

Mind you, I probably wouldn’t be better off if the SNP administration here in Scotland hadn’t frozen the council tax at last year’s rates.

A pretty neutral budget over all though in my view.

I also liked the fact that the government finally seem to be taking concrete measures to combat global warming, although it remains to be seen just how serious they are about it.

Apart from those two points and the barely adequate increase in winter fuel allowances for pensioners, I don’t think there was much to shout about really.

Linda asks…

How much should I put aside for savings?

Using the budget calculator, I am in the negative & I frequently ask my friends & family to help me financially so how do I put aside for savings & how much?

richmama answers:

I liked the website below – it’s free and not trying to sell you anything, but it puts the steps you have to do in really clear order.

One key that it mentions is looking at what you spend money on, and look for ways to reduce that:
– A room mate
– No eating out and make coffee at home
– Don’t get a new car, get one that’s 3 yo next time you need a car.
Other suggestions in the second link below.

Also, consider raising your income with extra shifts or a second PT job, evenings and weekends.

Robert asks…

How much tax will my husband pay on his last pay?

my husband lost his job a couple of weeks ago and he is due a week and a half pay which is £942, how much tax and NI will he pay on this?? Seen as it’s christmas and we have a family I am trying budget BUT I’m finding it hard to find a tax Calculator for a one off payment.

Thanks

richmama answers:

Whilst http://www.listentotaxman.com is a good site, it doesn’t give you an in-year calculation, although you could try setting it on a weekly basis. That may not be accurate, we don’t know if employer will treat this as one or two weeks for NIC, and tax liability will depend on not only what pay he has had since the start of the tax year on 6th April, but his actual date of leaving job (because tax is calculated to the tax week/month). That will be the date shown on form P45. Can husband ask payroll what his net pay will be?

Mary asks…

Please help my estimate what my after tax annual pay will be based upon the DoD pay calculator results?

Using the DoD pay calculator for military assuming we live off-base:

Your Results
Annual
Basic Pay $31,863.60
BAS $2,676.48
BAH $17,016.00
Cash Total $51,556.08

Total Annual Family Income: $51,556.08
Total Annual Allowances: $19,692.48
Total Annual Taxable Income: $9,513.60
Total Tax Rate: 0.10

We’re trying to plan a budget, and based upon the DoD calculator, it seems that of my total taxable income is only $9,513 with a 10% rate. That means, if I’m understanding correctly, that my taxes per year will be $951, or approximately $79 per month.

My monthly gross pay is $4296. If we subtract the $79 per month in taxes, that leaves $4217. What else gets deducted? Do you still pay social security or FICA? Do you pay state taxes when you’re in the military, and if so, is that already included in the 10% rate above?

I’m just trying to get a good grip on what I can expect my monthly net income to be to plan for my family.

Thank you very much for your help everybody!

richmama answers:

Yes you pay FICA and Depends upon your state if you pay state taxes or not. Being from Ohio I had to pay them. And no they are not included you actually have to ask for them to be taken out.

SFC
US Army
retired

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