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calculating tax

amacca · 2008-07-02 13:55:26

:confused: This is probably a silly question to ask but I was working out what tax I should pay on my wages for the year ad it didnt match what the revenue was charging. Heres how I was going about it: wages up to the standard rate cut off point @ 20% wages above srcop @ 41% (or the higher rate, not sure if its 41 now but…

02-07-2008 1:55pm

#1
amacca

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This is probably a silly question to ask but I was working out what tax I should pay on my wages for the year ad it didnt match what the revenue was charging.

Heres how I was going about it:

wages up to the standard rate cut off point @ 20%
wages above srcop @ 41% (or the higher rate, not sure if its 41 now but I did look at it on the p60/21 and use the correct rate when calculating)

then I addeded the two above to get gross tax

then I took away tax credits and the expenses credit from gross tax to get net tax?

when I done this it appeared as if the revenue was undercharging me by a bit (not much)

Now I know I should be happy but I was going to claim a couple of tax credits due to me, but if the have undercharged me it may not be worth the effort as the amount I was undercharged would negate the value of any benefits from the credits.

Is the above how its done or am I getting some other allowance which would bring down my tax below what I think it should be? like something for paying prsi or something. the revenue would hardly get it wrong for a paye worker would they?

was sure I calculated it correctly, aargh!!!!

Tagged:

"income tax"

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Comments

#2 02-07-2008 3:18pm

angelfire9

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I posted a tax calculator on another thread before, have a look at see if it helps (post no. 112 on this thread:
http://www.boards.ie/vbulletin/showthread.php?p=56088206#post56088206

Any problems let me know

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#3 02-07-2008 3:24pm

amacca

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Cheers for that, all help appreciated.:)

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#4 02-07-2008 4:12pm

StickyMcGinty

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sorry to hijack the thread OP, but if you havnt been working for 1st Jan - 31 July of this year but you'll be working from 1st August -> year end will i not have to pay any tax at all since my TFA might cover the total amount i'll earn in this time?

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#5 02-07-2008 7:06pm

dobsdave

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StickyMcGinty wrote: »

sorry to hijack the thread OP, but if you havnt been working for 1st Jan - 31 July of this year but you'll be working from 1st August -> year end will i not have to pay any tax at all since my TFA might cover the total amount i'll earn in this time?

Correct, it 'might' balance out, depends on your wages/tax etc.

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