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Can someone check my calculations

  • 22-06-2010 11:54am
    #1
    henryd65
    Registered Users, Registered Users 2 Posts: 107 ✭✭


    A friend asked me to see what his tax liability will be and I have come up with the following.

    Annual income from weekend work, employee - eur 5,800
    Income from summer job registered as a contractor - eur 11,200

    Total income - eur 17,000

    My calculation:

    no income tax liability as below eur 20,000
    2% income level - eur 340
    I will exclude PRSI etc. on the weekend work, but PRSI of 3% on the contractor income - eur 336. Exempt from health contribution on the contractor income.

    Have I got this right or have I missed something ?

    thanks.


Comments

  • #2
    jockey#1
    Registered Users, Registered Users 2 Posts: 317 ✭✭jockey#1


    henryd65 wrote: »
    A friend asked me to see what his tax liability will be and I have come up with the following.

    Annual income from weekend work, employee - eur 5,800
    Income from summer job registered as a contractor - eur 11,200

    Total income - eur 17,000

    My calculation:

    no income tax liability as below eur 20,000
    2% income level - eur 340
    I will exclude PRSI etc. on the weekend work, but PRSI of 3% on the contractor income - eur 336. Exempt from health contribution on the contractor income.

    Have I got this right or have I missed something ?

    thanks.

    Depends on whether the contractor income was from employment or being self-employed? What year is this for anyway?


  • #3
    henryd65
    Registered Users, Registered Users 2 Posts: 107 ✭✭henryd65


    Its for the current year.

    The fella is a student and has a weekend job through the year. He has now got a summer job where the company wants him to go the contractor route for this.
    He wants to know how much he should set aside for tax from his contractor income.


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