The student loans fall under two categories, plan one and plan 2.If you started your undergraduate course before 1 September 2012, or you lived in Scotland or Northern Ireland, your loan will be repaid under “Plan 1”. If your session started on or after 1 September 2012 and you lived in England or Wales, you will repay your loan through Plan 2.
Since you earn a salary of £48,000, your total take-home pay after student loan will be £ 33,712 for the year after student loan plan one and tax has been deducted, £2,809.33 as take-home salary for every month, £648.69 every week and £130.34 as daily take-home pay.
If you are on plan 2-loan repayment plan, you will earn £34,360 for the year 2020; your monthly take-home pay will be £2,863.33, you will have a weekly drawing of £660.69, while you make £132.54 daily.
Also, if you are repaying for a postgraduate loan, you will earn £34,660 for the year 2020, £2,888.33 as your monthly income, £666.69 per week and £133.45 as your daily income.
£48,000 YEARLY AND MONTHLY DEDUCTIONS UK
If you make 48k income for the year 2020, you will pay a yearly income tax of £7,100 and a monthly income tax of £591.67. In addition to the tax, you have pay for the National Insurance of £4,620 for the year 2020, and you pay a monthly National Insurance of £385 for 2020/2021 tax year.
To summarise, when you earn 48,000 for the year 2020, your total deductions for the year will be £11,720. This excludes other deductions, such as pensions or student loans.
48000 POUNDS AFTER TAX AND PENSION
You can contribute to a pension scheme by having a percentage of your salary deducted by your employer. You can also have a personal loan or salary sacrifice. However, in this case, we will be using the auto-enrolment. To get our pension, we need to know the percentage of our income that we are willing to contribute to our retirement. Since we are using the automatic-enrolment, we will make an automatic-enrolment of 12% of our profit to a pension for the 2020/2021 tax year. After pension deductions, your take-home pay will be £32,271.04. This means your monthly take-home will be £2,689.25.
Over the year, you will pay £6,097 in income tax and £4,620 in National Insurance, and your pension deduction for the year 2020 will be £5,011.20.
Please note that the primary determinant of your earnings after tax and pension is the percentage of your income that you are willing to put in your pension.
In conclusion, the legal minimum that must be paid into your pension is 8% a year of qualifying earnings. Your employer must pay at least 3%. The usual split is 5% from employees and 3% from employers.
If your pension is not auto-enrolment, you can choose whether your contribution is based on your whole gross salary or your “Qualifying Earnings.”