Income you keep before tax starts.
A worked example
Starting figures
- Income
- $62,000
- Personal allowance
- $14,600
- Basic rate
- 22%
What it returns
- Taxable income
- $47,400
- Tax at basic rate
- $10,428
- Allowance used
- $14,600
- Effective rate
- 16.82%
How to read the results
With the defaults above, taxable income works out at $47,400.