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PRSI & tax in contract position

  • 02-12-2009 1:02pm
    #1
    Daragh86
    Registered Users, Registered Users 2 Posts: 173 ✭✭


    Hi,

    I know very little about tax and PRSI. I've been employed by a company in all jobs I've had but I am looking at moving to a contract position at the moment. The hourly rate is €24, does anybody know how much tax and PRSI I will have to fork out? I just want to compare contract and permanent positions to see what the wage difference is.

    Thanks for any help in advance.


Comments

  • #2
    Snowdrop
    Closed Accounts Posts: 148 ✭✭Snowdrop


    Cannot say without more information such as your tax credits and cut off, are you married etc, expected income etc.

    As a self employed person, you will lose the PAYE tax credit, your holiday entitlements, sick leave etc and will pay PRSI at class S.
    See www.welfare.ie/EN/Publications/sw14_apr09/Pages/ClassS.aspx, it will give you more information.

    Without knowing the details and given the current climate, you should think very carefully as you will lose the protection that being an employee gives you.


  • #3
    J.Ryan
    Registered Users, Registered Users 2 Posts: 474 ✭✭J.Ryan


    Snowdrop wrote: »
    Cannot say without more information such as your tax credits and cut off, are you married etc, expected income etc.

    As a self employed person, you will lose the PAYE tax credit, your holiday entitlements, sick leave etc and will pay PRSI at class S.
    See www.welfare.ie/EN/Publications/sw14_apr09/Pages/ClassS.aspx, it will give you more information........

    +1


    It might be worth your while talking to an accountant giving him/her all your details and just ask them to do a quick projection, shouldn't cost you too much and I feel it would be money well spent.

    Snowdrop wrote: »
    ....Without knowing the details and given the current climate, you should think very carefully as you will lose the protection that being an employee gives you.

    +1


    Another factor is that you will be responsible for making your own tax payments so will have to ensure that you have the money, come November, to pay the balance of the previous year and Preliminary Tax for the current year.

    You may also have to consider other matters such as VAT registration and any compliance matters for whatever sector you are involved in.


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