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Quick Tax Credit Question

cartman555 · 2011-01-24 20:21:48

Hey so I just got my P60 and it says my tax credit is €3660. I saw online there that a single persons tax credit is €1,830. I'm currently living at home with my parents so does this mean my P60 could be wrong? Also If you are only working 6 months either side of the tax year i.e. from August 2010-July, does this mean tax…

24-01-2011 8:21pm

#1

cartman555

Banned (with Prison Access) Posts: 45 ✭

Join Date: August 2009

Posts: 33

Hey so I just got my P60 and it says my tax credit is €3660. I saw online there that a single persons tax credit is €1,830. I'm currently living at home with my parents so does this mean my P60 could be wrong?

Also If you are only working 6 months either side of the tax year i.e. from August 2010-July, does this mean tax is calculated by taking 20% of your total earned in each tax year and if this is less than your tax credit then you don't pay any tax at all or do you still have to pay PRSI and the income levy?

Any advice appreciated!

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Comments

#2 24-01-2011 8:51pm

Alan Shore

Registered Users, Registered Users 2 Posts: 735 ✭✭✭

Join Date: May 2010

Posts: 734

Hi
You are entitled to a single Cr of €1830 and a PAYE Cr of €1830.
You pay tax on income earned in a tax year so €3660 in 2010 & 1650 + 1650 in 2011

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