Of £100 earned, 10% is paid in National Insurance contributions (nothing but a euphemism for an additional tax on income) and 23% is paid in Income Tax (40% for higher rate taxpayers). Of the remaining £67 of take-home pay let's say that over a week you spend it thus:
- £15 for a meal out
- £8 on cinema tickets
- £16 in petrol
- £3 put by for electricity
- £7 on some cigarettes
- £9 on a few drinks down the pub
- £4 paid out in insurance premiums
- £3…
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Posted on November 4, 2007 at 9:11pm —
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