Closed sgb-io closed 2 years ago
I think it's a bug in this project - I think that NICs and SL repayments are calculated before deductions (pension deductions for example). Comment below suggests this is incorrect
Different calculators online seem to do this differently.
If we assume that pension contributions are done via salary sacrafice, according to this page, I am pretty sure NICs (and SLRs) are payable on the post-pension contribution amount: https://www.gov.uk/guidance/salary-sacrifice-and-the-effects-on-paye
There is an example on that page where someone sacrafices their whole bonus - no NICs or Income Tax apply.
There is also various anecdotal evidence online (and probably my own payslips) to support the idea that it's the same for SL repayments. So - bug in SavingTool, not this project.
Created a bug in that project: https://github.com/sgb-io/saving-tool/issues/55
In SavingTool,
src/selectors/taxes.ts
L50 it seems like we are passing "gross" income to the student loan calculations. I am not sure this is correct?Either it's a bug in SavingTool or this project.