Total tax paid
£7,288
Did you know your employer also pays tax on your salary? It costs the employer £1,812 to pay you £12,040. In other words, every time you spend £10 of your hard-earned money, £6.05 goes to the government.
Real tax rate
52.6%
So, with you and the employer both paying tax, what used to be a 45.5% tax rate now rises to 52.6%, meaning your real tax rate is actually 7.1% higher than what it seemed at first.