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Paye

  • 20-06-2007 9:29pm
    #1
    firefix
    Closed Accounts Posts: 31 ✭


    I have just set up my own limited company and im trying to work out my own wage. im unsure about paye though in particular. This is what i came up with. Im not 100% sure if this is right and because im a director. Anyone confirm this pleaaase?


    earn: €30K/year - €576.92/week

    Tax credits:
    single: €1630
    Paye : €1490
    Total €3120/year €60/week

    30K @ 20% = €115.38
    minus tax credits €60.00
    €55.38


    Week total = €576.92
    €55.38
    €521.54


Comments

  • #2
    jonny68
    Closed Accounts Posts: 5,531 ✭✭✭jonny68


    It looks fairly accurate although im not from a payroll background so stand corrected on this.

    Incidentally why are you only paying yourself €30K a year:eek:


  • #3
    Crumbs
    Registered Users, Registered Users 2 Posts: 1,080 ✭✭✭Crumbs


    You're using the tax credit figures from 2006. The 2007 single person tax credit is €1,760 (€33.85 per week). As a director, you're probably not entitled to the PAYE tax credit.

    Gross per week: €576.92

    PAYE: 20% (€115.38) - credits (€33.85) = €81.53

    PRSI (Class S): 5% = €28.85

    Net: €466.54


  • #4
    firefix
    Closed Accounts Posts: 31 ✭firefix


    Thanks for that guys. I think 30K is reasonable in the first year but its right in the 20% threshold. Just for a matter interest, how do i register myself for all this. I find the revenue website a bit overwhelming.


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