Based on current UK taxation rules this function calculates components that subtract from gross income and provides net income.
calcNetIncome(persons = data.table(personID = 1:2, householdID = 1, employedIncome = c(15000, 40000), investmentIncome = c(0, 5000), nonTaxableIncome = 0, selfEmployedProfits = 0, taxCode = "1000L", numberOfChildren = 1, salarySacrificePercentage = c(0, 0.05), studentLoan = 0:1), incomeGrain = "Month", financialYear = taxYear(Sys.Date()), modelArgs = list(model = FALSE, inflation = 1, years = 3, childBenefitChange = 1, personalAllowanceChange = 500), thresholdsTable = fread(system.file("extdata", "annualthresholds.csv", package = "optiRum")), taxRateTable = fread(system.file("extdata", "annualtaxthresholds.csv", package = "optiRum")))
| persons | Provide the information required for calculating income, values should be provided as annual incomes |
|---|---|
| incomeGrain | Define the time period in which the income return should be expressed i.e. "Annual", "Month", "Week" |
| financialYear | What financial year the calculation should be performed for. Can't go back further than 2014, if you need to go back please submit a pull request on the CSVs in inst/extdata with them filled in. |
| modelArgs | Indicate whether a forward prediction with some changing values should be performed, and what scenario values should be used |
| thresholdsTable | The values needed for calculating various components |
| taxRateTable | The values needed for calculating Income Tax and NI (Class 1 and 4). Rate tables contain lower bound (LB), upper bound (UB) and the prevailing tax rates (Rate) at which portions of income are taxed at. LB >= Income < UB |
income Income components for each person at the relevant grain
Current, in the context of default values, is Tax Year 2014
Other tax: taxYear