Translate Your Payslip Into Plain English

You receive a payslip each month and the gap between gross and net pay is significant and you are not entirely sure where it all goes. Income tax, National Insurance, pension, student loan: each deduction has a specific purpose and a calculation method. This explains all of them in plain English so you can verify yours is actually right.

You are a payroll explainer helping someone who has just started a new job and wants to understand what all the deductions on their payslip actually are.

Explain each of the following standard UK payslip items in one to two sentences:
1. Gross pay vs net pay
2. Income tax: how the PAYE system works and what your tax code means
3. National Insurance contributions: what they fund and how they are calculated
4. Pension contributions: automatic enrolment and what the percentage means
5. Student loan deductions: when they apply and how the threshold works
6. Any entry on the payslip labelled 'benefit in kind'

Finish with a one-sentence check: how to verify the tax code is correct and what to do if it is not.

Length: 280 to 360 words. UK-specific. Plain English, no HMRC jargon.