How much Tax back do I get?

whatsherface

Hi there I wanted to try and work out how much tax I will be due back, I am leaving my job to go back to college, I earn 30,000 a year how do I work out roughly how much tax I may get back?

Many thanks:)

cee_jay

Thread moved from State Benefits to Taxation.

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whatsherface wrote: »

Hi there I wanted to try and work out how much tax I will be due back, I am leaving my job to go back to college, I earn 30,000 a year how do I work out roughly how much tax I may get back?

Many thanks:)

How much will you have earned this year when you stop working and how much tax will you have paid? Saying you earn 30K per year is not relevant as you won't be getting tax back for previous years.

whatsherface

Looks like on my payslip I earned 17,500 so far this year and paid
PAYE to date 1365 and PRSI 1245 to date.

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whatsherface wrote: »

Looks like on my payslip I earned 17,500 so far this year and paid
PAYE to date 1365 and PRSI 1245 to date.

When are you working until?

If you finished work now you'd get the 1365 back.

Up to 18,300 earned you could claim all the tax back i think. (Assuming credits of 3660)
After this it depends when you finish and what you've earned.
Later in the year you finish the less you get back as you'll be using your credits on a weekly/monthly basis.

whatsherface

I finish end of August so I have basically two more pay cheques one this month and final one end of August. So looks like I will get less then 1365 back as I would be over 18300 earned. That 17.500 is on this coming month salary slip (i recieved it yesterday)

SRASE

I presume you are on €2,500 a month.

At end of August you would have a gross salary of €20,000 and PAYE paid of €1,560. You will be able to reclaim €1,220 of this back. After the end of the year you will also be able to claim back the health levy you paid (around €800).

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whatsherface wrote: »

I finish end of August so I have basically two more pay cheques one this month and final one end of August. So looks like I will get less then 1365 back as I would be over 18300 earned. That 17.500 is on this coming month salary slip (i recieved it yesterday)

Say you finish end of August and earn 20K in the 8 months.

You'll have paid tax of 1560 which would be correct year to date.

At the end of the year you'd have 1/3 of the 3660 credits unused so you should still be getting about 1220 back of the 1560 tax paid.

Basically 20% tax of 20K is 4K less credits of 3660 = 340 tax due.

This is a rough calaculation but you get the general idea.

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SRASE wrote: »

I presume you are on €2,500 a month.

At end of August you would have a gross salary of €20,000 and PAYE paid of €1,560. You will be able to reclaim €1,220 of this back. After the end of the year you will also be able to claim back the health levy you paid (around €800).

Nicer still i didnt know about the health levy!

whatsherface

yes thats how much i am on 2500 but what levy is this I pay 50 euro for the levy is that the same thing?

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whatsherface wrote: »

yes thats how much i am on 2500 but what levy is this I pay 50 euro for the levy is that the same thing?

That's the tax levy they introdcued at 1% when the economy first got into trouble and then it incresed to 2%. Thats applied to everything you earn.

whatsherface

Thanks guys great help much appreicated!!