Total tax paid
£19,470
Did you know your employer also pays tax on your salary? It costs the employer £7,370 to pay you £48,968. In other words, every time you spend £10 of your hard-earned money, £3.98 goes to the government.
Real tax rate
34.6%
So, with you and the employer both paying tax, what used to be a 24.7% tax rate now rises to 34.6%, meaning your real tax rate is actually 9.9% higher than what it seemed at first.