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Tax on book royalty

  • 25-10-2011 8:54pm
    #1
    mick kk
    Registered Users, Registered Users 2 Posts: 356 ✭✭


    I earned a very small [1400e] book royalty in 2010 and was wondering about paying tax on it. I am a PaYe worker earning about 55k per annum
    1. what form do i fill in...form 12?
    2. do i work out the tax liability and attach a cheque?
    3. is it 41% + USC of 7% [for 2010]

    Thanks in advance


Comments

  • #2
    Toblerone1978
    Registered Users, Registered Users 2 Posts: 684 ✭✭✭Toblerone1978


    Hi Mick.

    1. Yeah, a Form 12 should do it for you.
    2. Yes. Remember to provide for preliminary tax for 2011 if applicable. You can request a long notice of assessment to ensure that you and the Revenue are in agreement.
    3. USC was only introduce from 1 January 2011. You'll have income tax (probably @ 41%), health levy (probably @ 4%), income levy (probably @ 2%), PRSI (probably @ 3%).

    Hopes this help.


This discussion has been closed.
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