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BIK Calculation for Health Insurance

  • 12-04-2012 10:27am
    #1
    Lex Luthor
    Registered Users, Registered Users 2 Posts: 11,220 ✭✭✭✭


    Can anyone give me the details of a personal liability on the BIK for health insurance paid by an emplyer since 2006?

    ie. Tax/PRSI/Health Levies/USC % rates
    Also what tax credits were available since 2006? Was it always 20%?

    Assume salary greater than €48.8k for the years mentioned and age less than 50


Comments

  • #2
    IrishTaxGuide
    Registered Users, Registered Users 2 Posts: 6 ✭IrishTaxGuide


    Not sure what you mean by personal liability. Since 2004 the obligation is with the employer to operate PAYE on all benefits in kind for employees.

    With health insurance the tax treatment is:

    • Employer pays net amount to insurance company;
    • Employer taxes employee on the gross amount of the premium;
    • Employer pays over the TRS amount to Revenue with their annual corporation/income tax return;
    • Employee gets tax credit of TRS amount.


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