From: Fiscal policies and the prices of labor: a comparison of the U.K. and U.S.
Tax Year | ||||
---|---|---|---|---|
Policy Parameter | 2010 | 2011 | Change | Units |
NICs | ||||
Employer rate | 12.8% | 13.8% | 1.0% | % of earnings above ST or PT |
Employee rate | 11.0% | 12.0% | 1.0% | |
Tax value of PT and ST | 20.5 | 26.4 | 5.9 | 2010 British pounds per week |
Job Seekers Allowance (tax adjusted) | ||||
51.8 | 51.2 | −0.6 | 2010 British pounds per week | |
JSA minus Tax value of PT and ST | ||||
31.3 | 24.8 | −6.5 | 2010 British pounds per week | |
6.5% | 5.2% | −1.4% | Percentage of employer cost, FW | |
6.4% | 5.3% | −1.1% | Percentage of employer cost, VW | |
Addenda | ||||
Basic rate for the PIT | 20.0% | 20.0 % | 0.0% | Percentage of taxable income |
Employer cost | 489 | 472 | −17.5 | 2010 British pounds per 40-hour week, at the median wage |