Thread: How much must a salary be so that after deductions, you have net monthly income of £x

Hi,

I have been given the following problem to solve...and I think I am missing a formula. It seems like something I can probably solve by trial and error, but I think that would be missing the point.

I have been given information regarding rates of tax and national insurance contributions in the UK. and asked a question where

Based on deductions made for tax and NI, and 9% loan repayments on any salary over £15000.

how much must a salary be, so that after all deductions, there is a net monthly income of atleast

a)1500 b)2000 c)2500

If anyone knows how to deal with this sort of problem, if there is a formula? (It says in the 'hint' that 'given such formulae completing the calculation is straighforward'

Many Thanks

Originally Posted by tjnortham

Hi,

I have been given the following problem to solve...and I think I am missing a formula. It seems like something I can probably solve by trial and error, but I think that would be missing the point.

I have been given information regarding rates of tax and national insurance contributions in the UK. and asked a question where

Based on deductions made for tax and NI, and 9% loan repayments on any salary over £15000.

how much must a salary be, so that after all deductions, there is a net monthly income of atleast

a)1500 b)2000 c)2500

If anyone knows how to deal with this sort of problem, if there is a formula? (It says in the 'hint' that 'given such formulae completing the calculation is straighforward'

Many Thanks

The first hint we need is how big is the loan on which the interest will be charged?

CB