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  • RE: 20% or 40% tax bracket?

    Does that imply that only 20% tax will be deducted from my first paycheck by the employer, or that 40% tax will be deducted every month and refunded to me after the fiscal year ends in April 2023?
  • 20% or 40% tax bracket?

    Let us say you have been unemployed and start working in the middle of a fiscal year, say in September, for a salary of £60,000 per year, which is within the 40% tax bracket. However, because you started in the middle of the fiscal year, you will only make £30k, or half of your usual salary, during that year. Will you pay taxes based on a 40% or 20% rate in that situation?