Total tax paid
£15,340
Did you know your employer also pays tax on your salary? It costs the employer £6,083 to pay you £40,417. In other words, every time you spend £10 of your hard-earned money, £3.80 goes to the government.
Real tax rate
33.0%
So, with you and the employer both paying tax, what used to be a 22.9% tax rate now rises to 33.0%, meaning your real tax rate is actually 10.1% higher than what it seemed at first.